FSA challenges 'boiler room' fine cut

The Financial Services and Markets Tribunal reduced the fine for Leeds-based solicitors Fox Hayes first to £70,000, then to £146,000, but the FSA says it is challenging the decision not to make up the £4,000 difference but on a matter of principle. It represents the first time the FSA, which must first apply for permission to appeal the decision, has made such a move against the Tribunal. The case relates to a number of letters sent by unauthorised overseas companies – termed ‘boiler rooms’ - to UK investors between February 2003 and June 2004. The letters, offering investors free res...