Consumer Panel backs FSA's 'boiler room' appeal

The FSCP says it too is concerned the Financial Services and Markets Tribunal took “a very literal interpretation of the rules”, adding the case could be seen as working against the FSA's move towards more principles-based regulation. The regulator has applied for permission to appeal after the Tribunal reduced a fine for Leeds-based solicitors Fox Hayes from £150,000 to £70,000, although it later increased the fine to £146,000. The firm had effectively endorsed a number of unauthorised overseas companies by approving letters they were sending to UK shareholders offering their services. ...