UK tribunal rejects FCA ban on director over ‘death bonds’
A financial appeals tribunal has issued a rare clarification to a judgment in a case involving the fining and banning of two executives accused of misleading investors over so-called death bonds.
The Upper Tribunal issued the four-page clarification this week, essentially spelling out that the Financial Conduct Authority had not sufficiently made out its case against a former director of Catalyst Investment Group.
The ruling halts the UK financial watchdog’s plan to ban Andrew Wilkins from holding senior positions in other companies.
The watchdog maintained that while a decision by the tribunal in August had rejected its argument that Mr Wilkins was not fit and proper because he lacked integrity, it could still take action because he was shown not to be competent. Friday’s clarification rebuts that.
“We dismiss the allegation that Mr Wilkins is not fit and proper, including the allegation of lack of competence,” the clarification reads. “The burden of proof is on the authority to prove that he is not fit and proper and not competent. The authority failed to satisfy the tribunal in relation to that allegation.”
Adam Epstein, a solicitor for Mr Wilkins, from the law firm Mishcon de Reya, said: “After some years, Mr Wilkins is pleased that the way is now clear to him to put the matter behind him and to carry on with his career.”
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