PAUL DAVIDSON, the entrepreneur known as The Plumber, intends to seek £5m in costs after the Financial Services and Markets Tribunal found he had been unreasonably treated by the Financial Services Authority, reports the Daily Telegraph.
Davidson took the FSA to tribunal after it attempted to fine him for market abuse and despite representing himself to the tribunal without trained legal help, he has become the first person to win costs from the FSA. Speaking from Portugal, the former pipefitter is reported to have said he would "break" the head of the Financial Services Authority, Sir John Tiner and the head of enforcement, Margaret Cole, and is quoted as saying: "I haven't decided whether to report them to the DTI or not," as well as adding he would sue the FSA and seeks to get £100m from the organisation. Davidson wa...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
