The Financial Services and Markets Tribunal is an independent tribunal set up under the Financial Services and Markets Act 2000, to rule on various matters arising under the Act, usually after the Financial Services Authority (FSA) has already made a decision on that issue. However, the tribunal hears matters afresh, not by way of appeal.
Since its establishment, only a handful of cases have come before the tribunal. While the FSA has largely been successful in these, the recent joined cases of Hoodless and Blackwell are notable exceptions. The FSA withdrew the authorisations of Mr Hoodless and Mr Blackwell on the grounds that they were not fit and proper. Both individuals referred the FSA’s decisions to the tribunal, which concluded that the FSA was wrong to withdraw the approval for Mr Hoodless. In relation to Mr Blackwell, the tribunal upheld the FSA’s decision, but only on the basis of one of a number of allegations made by the FSA.
