The Upper Tribunal (Tax and Chancery Chamber) has published its latest appeal decision in relation to a decision by the Financial Conduct Authority to fine a non-executive director of an authorised firm £154,800 and ban her from performing any role in regulated financial services, due to her failure to disclose a conflict of interest.

The Tribunal upheld the FCA’s decision to ban and fine the non-executive director for breaching her obligation as an ‘approved person’ to act with integrity, but limited the prohibition order to non-executive posts connected to regulated financial services and reduced the financial penalty imposed to £20,000

The FCA’s original decision was significant because it was the first time that enforcement proceedings had been brought by the FCA against a non-executive director and the FCA published its decision notice while the individual was appealing the decision.

The decision notice in respect of Ms Burns is available on the FCA website. http://bit.ly/151YT9w

The decisions of the Upper Tribunal in

[2014] UKUT 0509 (TCC) – http://bit.ly/1Gmbl5x

and

[2015] UKUT 0252 (TCC) – http://bit.ly/1ALQOVL

are available on the gov.uk website.