John Pottage, formerly holder of both the CF3 and CF8 controlled functions for UBS AG and for UBS Wealth Management (UK) (the firms) appealed to the Tribunal about FSA’s decision to fine him for breach of the Principles for Approved Persons. It believed he had failed to ensure the firms’ business complied with regulatory standards. In a lengthy judgment, the Tribunal recited various alleged compliance failings of the firms and of Mr Pottage, and discussed FSA’s assertion that Mr Pottage should have realised procedures were inadequate “sooner than he did”. The Tribunal held that FSA had not proved its case and its charge of misconduct was not supported by the evidence. (Source: Tribunal Backs CEO Over Misconduct Fine)
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Tribunal backs CEO over misconduct fine
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