Financial Services and Markets Tribunal

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The UK Financial Services and Markets Tribunal is an independent judicial body established under Section 132 of the Financial Services and Markets Act 2000, which hears references arising from decision notices issued by the Financial Services Authority (FSA).

Examples of such decisions include:

  • the giving, variation and revocation of authorisations to conduct regulated activities, or on the imposition of requirements for such authorisation (e.g. requirements for a firm to maintain a particular level of resources);
  • penalties for market abuse, including civil penalties for insider dealing;
  • disciplinary measures taken against authorised persons who have failed to comply with regulatory requirements;
  • decisions by the FSA in its role as competent authority in relation to the listing of shares on recognised exchanges - for example, refusing to admit securities to the official list, suspending official listing of securities where necessary, and the imposition of penalties on issuers who breach listing rules; and
  • the approval and discipline of employees and persons who carry out certain functions on behalf of authorised persons. There may prohibit certain persons, including professionals, from carrying out particular functions.

There are 8 legally qualified chairmen (including Stephen Oliver QC, the President), and 19 lay members with special experience of the financial sector, all appointed by the Lord Chancellor. Each Tribunal consists of a legally qualified chairman and may include one or two lay members. Procedure generally is dictated by the Financial Services and Markets Tribunal Rules 2001 and by practice directions which the President may give.

The Tribunal may set aside its own decision where it appears to have been made as a result of an error by Tribunal staff, or where new evidence comes to light relating to the case. Alternatively, where permission is granted, a party may appeal, on a point of law, to the Court of Appeal in England and Wales, and to the Court of Session in Scotland.

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