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Financial services and markets tribunal rules on application of financial promotion regime

Joanna Gray (University of Newcastle upon Tyne, Newcastle upon Tyne, UK)

Journal of Financial Regulation and Compliance

ISSN: 1358-1988

Article publication date: 9 May 2008

Abstract

Purpose

The purpose of this paper is to describe the Financial Services and Markets Tribunal ruling on the application of the financial promotion regime, involving Fox Hayes v. Financial Services Authority.

Design/methodology/approach

The paper outlines the facts surrounding the case and comments on the ruling.

Findings

The Tribunal disagreed with the FSA that the applicant had acted negligently or recklessly.

Originality/value

The paper highlights the lack of clarity and guidance on the part of the FSA as to exactly which firms on its list of unauthorised firms it considered as “boiler rooms” and which it did not.

Keywords

Citation

Gray, J. (2008), "Financial services and markets tribunal rules on application of financial promotion regime", Journal of Financial Regulation and Compliance, Vol. 16 No. 2, pp. 192-199. https://doi.org/10.1108/13581980810869832

Publisher

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Emerald Group Publishing Limited

Copyright © 2008, Emerald Group Publishing Limited