| Source: | All England Reporter |
| Publisher Citation: | [2010] All ER (D) 245 (Jun) |
| Neutral Citation: | [2010] EWHC 1547 (Ch) |
| Court: | Chancery Division |
| Judge: | Vos J |
| Representation | James Purchas (instructed by the Financial Services Authority) for the FSA. |
| The defendants appeared in person. | |
| Judgment Dates: | 29 June 2010 |
Catchwords
Financial Services - Financial Services Authority (FSA) - Regulation of financial services - Defendants found to have carried on regulated activity while unauthorised - Regulated activity in question accepting or purporting to accept deposits - Defendants ordered to pay just sum to FSA in respect of profits accrued and losses caused as result of contravention - Defendants seeking exclusion of deposits paid or taken by relatives from calculations in purported reliance on statutory exemption - Whether persons in question 'close relatives' for purposes of statutory exception - Quantum of 'just sum' to be paid by each defendant - ss 19, 382(2) - (Regulated Activities) Order 2001, , para 6(1).
The Case
Financial Services Financial Services Authority (FSA). The Chancery Division considered, inter alia, the meaning of the phrase 'close relative' in the (Regulated Activities) Order 2001, , (the Order) for the purposes of deciding whether a person fell within the exemption in respect of accepting deposits set out in art6(1)(d) of the Order. It held that: (i) only close relatives of the person who had contravened the relevant requirement were included in the definition; and (ii) relatives by marriage, except where expressly stated in art3(1) of the Order, were excluded.
Practice Areas
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