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On 6 July 2021, the Upper Tribunal handed down a judgment which overturned the FCA's and PRA's fine and Prohibition Order against the former CEO of Scottish Boatowners Mutual Insurance Association, Stuart Forsyth.

Mr Forsyth successfully challenged the Financial Conduct Authority’s (“FCA”) and the Prudential Regulation Authority’s (“PRA”) decisions to prohibit him from working in the regulated sector and impose a combined fine of £154,498, originally determined in November 2019. Mr Forsyth, the CEO of Scottish Boatowners Mutual Insurance Association, had been accused of lacking integrity on the basis that he had, it was alleged, improperly allocated parts of his own salary and bonus to his wife for personal tax advantage and then misled both the PRA and an internal investigation into these matters. The Tribunal dismissed all of these allegations, set aside the fine and directed the Regulators to give effect to the Tribunal’s clear and unequivocal determination. Further, as a result of failures in both Regulators’ disclosure processes, the Tribunal issued its own recommendations to the Regulators, under s133(5) of FSMA, concerning their future conduct in this regard.

Andrew George QC acted for the Claimant, instructed by DAC Beachcroft LLP. 

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