In the case of Andrew Jeffery v FCA, the Upper Tribunal upheld the FSA’s decision to ban Mr Jeffery from carrying out any function in relation to any regulated activity and to impose a financial penalty of £150,000 for breaches of Statements of Principle 1 and 4 of the FSA’s Statements of Principle and Code of Conduct for Approved Persons and section 66 of the Financial Services and Markets Act 2000.

Andrew Jeffery was a general insurance broker within his own firm, Jeffery Flanders (Consulting) Limited. The FSA (the predecessor of the FCA) found that Mr Jeffery had forged documentation and correspondence in the names of clients potentially to mislead recipient insurance companies, failed to effect clients’ insurance following receipt of payment from clients and failed to inform clients of the identity of their insurers. In addition, Mr Jeffery failed to deal with the FSA in an open and cooperative manner and failed to attend an interview at the offices of the FSA despite the requirements made pursuant to the FSA’s statutory power. Mr Jeffery had previously made an application to the Tribunal for recusal of Tribunal members  which was rejected.

The Upper Tribunal dismissed Mr Jeffery’s application and concluded that a substantial penalty should be imposed on him as Mr Jeffery lacked integrity in the performance of his controlled function, was not a fit and proper person and did not deal with the FSA (now FCA) in an open and cooperative manner. The Upper Tribunal directed the FCA to make an order prohibiting Mr Jeffery from performing any function in relation to any regulated activity and will give directions to the FCA concerning the financial penalty after it has an opportunity to consider Mr Jeffery’s financial position.

A copy of the Upper Tribunal’s decision is available. http://www.tribunals.gov.uk/financeandtax/Documents/decisions/Jeffery_v_fca.pdf