The Financial Services and Markets Tribunal has brushed aside technical arguments against the FSA's decision not to award new authorisation to an individual involved in the split capital investment trusts debacle.
David Thomas, once head of investment trust corporate finance for broker Brewin Dolphin, and self-confessed old hand in the sector argued through legal representation in July this year before the Tribunal that technicalities in relation to the way his application for approval to do business for a new employer was handled meant the FSA failed processes outlined in the FSMA 2000. Thomas - who stated in oral evidence given before the Treasury Select Committee on 29 October, 2002, that he and others involved in sessions designing splits did not spot the danger of bank loans being called if t...
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