Thommes v Financial Services Authority

The Upper Tribunal dismissed the Applicant’s challenge of the FSA’s decision notice prohibiting him from performing any controlled function involving the exercise of significant influence in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm. The Applicant, a former managing director of a mortgage broker, was found to have failed to establish adequate systems and controls to prevent financial crime and to have failed to ensure there were robust compliance procedures in place. In reaching its conclusion, the Tribunal rejected the Applicant’s argument that the FSA’s case had an evidential lacuna in relation to matters of competence and capability and that those issues could only be addressed through expert evidence.

Simon Pritchard acted for the FSA