Pension Bosses Get OK To Use Expert To Fight FCA Fines
Law360, London (September 25, 2019, 8:31 PM BST) -- A London judge ruled Wednesday that five pension advisers and an investment firm could use expert testimony to challenge £1.3 million ($1.6 million) worth of fines from the Financial Conduct Authority for allegedly recklessly exposing clients to unsuitable investments.
Judge Timothy Herrington said near the start of Wednesday’s hearing on preliminary issues that he was not “a great fan of expert evidence” for specialist tribunals, where cases are heard before a judge and panel members with subject matter expertise. In this case, the Upper Tribunal will review the challenges to the FCA's decision to fine the five investment managers for outsourcing oversight of retirement...
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