I wrote on 2 February about David Massey and his partial success before the Tribunal. He had his fine for market abuse almost halved and persuaded the Tribunal that the prohibition order should not necessarily be considered a lifetime ban.

The FSA on Monday issued its Final Notice, giving effect to the Tribunal’s ruling. Although still subject to a prohibition order, Mr Massey will be pleased to see the FSA forced to accept that his actions “were not premeditated attempts to deceive.”