Tribunal finds for FCA on fine level: The Tribunal has backed FCA's decision to fine Amir Khan £80,000 for various dishonest activities relating to mortgage applications. FCA also banned Mr Khan but he did not refer these findings to the Tribunal. Mr Khan contended his conduct was reckless but not dishonest and that to impose the fine would cause unnecessary financial hardship. FCA contended he was dishonest and, that being so, it had no discretion to lower the fine below the minimum amount regardless of the hardship it might cause. The Tribunal supported FCA. (Source: Tribunal Finds for FCA on Fine Level)

Tribunal finds for London Whale complainant: FCA has announced it will appeal a decision of the Upper Tribunal in relation to third party rights. Any person identified in a decision notice must be notified of it. FCA had not notified Achilles Macris in its notices in relation to its investigation into the "London Whale" trades as it said he was not identified in them. Mr Macris contended, and the Tribunal agreed, that although his name was not mentioned, it was clear that he was the individual the FCA was referring to. (Source: Tribunal Finds for London Whale Complainant)

Court agrees FCA shutdown of land bank: The Court of Appeal has dismissed, on all counts, an appeal by the organisers of Asset Land L.I., whose business FCA had succeeded in having shut down on the basis it was a collective investment scheme (CIS) without an authorised operator. The organisers contended it was not a CIS but the Court backed FCA. This appeal follows a High Court decision in February also backing FCA. The decision could go to the Supreme Court on further appeal. (Source: Court Agrees FCA shutdown of Land Bank)