The former Chairman and CEO of Black and White Group Limited, an insurance and mortgage broker, appealed against FSA’s decision to fine them and ban them. FSA said the individuals pressured advisers to sell payment protection insurance (PPI) without taking proper account of suitability and lacked appropriate compliance systems which ignored the need to treat customers fairly. It also found they did not tell FSA of a shortfall in the firm’s capital adequacy and subsequently misled FSA as to the firm’s financial position. After consideration, the Tribunal said it was persuaded “just” that the CEO, who had not been in trouble before and had rebuilt his life, should not be banned. It upheld the ban on the Chairman, who it said had to adjust to the regulated environment late in his professional career and had been unable to do so. It also reduced both fines. (Source: Christopher Ollerenshaw and Thomas Reeh v. FSA)