FSMT upholds FSA decision to impose total prohibition order on dishonest chief executive of insurance intermediary firms – The Financial Services and Markets Tribunal (FSMT) has published its decision in the case of David John Marriott and FSA, which was heard on 1 December 2009 (Decision). Mr Marriott was a controller and chief executive of two insurance intermediary firms that both went into administration in February 2006. He referred to the FSMT a Decision Notice issued to him by the FSA in April 2009, containing a prohibition order. The prohibition order imposed a full prohibition on performing functions in relation to regulated activities. The FSMT considered whether it was appropriate for the FSA to issue Mr Marriott with a total prohibition order on the basis that he is not a “fit and proper person”.
Having considered the evidence, the FSMT considers that the FSA was justified in concluding that Mr Marriott was dishonest and lacked integrity. As a result, it considers that a total prohibition order is appropriate in this case and has dismissed Mr Marriott’s reference.
The FSMT has also published a Decision Notice, dated January 2010, refusing Mr Marriott permission to appeal the Decision to the Court of Appeal. However, it states in the Decision Notice that Mr Marriott may seek permission to appeal from the Court of Appeal within 14 days from the date of the Decision.
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