FSA has published the Final Notice against the former partners in the Fox Hayes partnership. It had imposed a penalty of £150,000 in 2006 for rule breaches relating to approval of financial promotions. When the Tribunal reduced the penalty, FSA appealed to the Court of Appeal, which increased it to nearly £1 million, including around £450,000 representing disgorgement of profits. The Tribunal had to divide the penalty between the partners, many of whom were by that time bankrupt. FSA decided that as a matter of principle the element representing disgorgement of profits should at least be recovered, and the Tribunal agreed, splitting that amount between the partners at relevant times and requiring it to be paid by 8 July. (Source: Fox Hayes Final Notice)