Pottage V. FSA — A Welcome Decision For UK Bank Execs

Law360, New York (May 16, 2012, 3:37 PM EDT) -- The U.K.’s Upper Tribunal recently overturned the decision of the Financial Services Authority to fine John Pottage £100,000 for failing to comply with his regulatory obligations while he was chief executive and compliance officer of two FSA-regulated UBS companies. The tribunal found that Pottage did not commit regulatory misconduct and directed the FSA to discontinue its action. The FSA complied with this direction on April 23, 2012, when it made a public announcement, which has the effect of exonerating Pottage.

The tribunal’s decision is a welcome...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.