Source: All England Reporter
Publisher Citation: [2010] All ER (D) 147 (May)
Neutral Citation: [2010] Lexis Citation 19
Court: Upper Tribunal (Tax and Chancery Chamber)
Judge:

Sir Stephen Oliver QC, Michael Hanson and Terry Carter FCA

Representation Robin Knowles QC (acting pro bono), Lucy Frazer, Stephen Hedley (instructed by Fox Hayes LLP) for the partnership.
  Richard Coleman (instructed by the Financial Services Authority) for the FSA.
Judgment Dates: 11 May 2010

Catchwords

Financial services - Financial Services Authority (FSA) - Regulation of financial services - Penalty - Authorised person - Partnership - Partnership of solicitors, holding itself out as 'authorised person', being investigated for breach of conduct of business rules - Partnership transferring business to limited liability partnership (LLP) - Partnership found to be in breach of rules and penalised - Issues arising regarding penalty notice and liability for payment - Whether decision notice relating to partnership or LLP - Whether partners at time of contravention relevant partners for purposes of imposition of the penalty - , 42, 206.

The Case

Financial services Financial Services Authority (FSA). The Upper Tribunal (Tax and Chancery Chamber) found that the conversion of a solicitor's firm from a partnership to a limited liability company did not effect its liability to a penalty for breach of rules under the . The partnership rules applied to the payment of the penalty, making the individual members of the partnership jointly and severally liable.

Practice Areas

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