FSA has won an appeal against a solicitors’ firm that approved promotions for unauthorised overseas companies that allowed them to sell shares worth around €21 million to 670 UK investors. The Court of Appeal found the solicitors had not taken reasonable steps to ensure the promotions were clear and not misleading, and that there was serious doubt the companies would deal with UK investors honestly and reliably. The Court of Appeal also increased the level of penalty to include commission made by the firm’s former senior partner.