The

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

's Financial Services and Markets Tribunal was an independent judicial body established under Section 132 of the

Financial Services and Markets Act 2000 The Financial Services and Markets Act 2000c 8 is an Act of the Parliament of the United Kingdom that created the Financial Services Authority (FSA) as a regulator for insurance, investment business and banking, and the Financial Ombudsman Serv ...

, which heard references arising from decision notices issued by the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

(FSA). In April 2010 the tribunal was abolished and its functions were transferred to the

Upper Tribunal The Upper Tribunal is part of the administrative justice system of the United Kingdom. It was created in 2008 as part of a programme, set out in the Tribunals, Courts and Enforcement Act 2007, to rationalise the tribunal system, and to provide a ...

. Examples of such decisions that the tribunal could review included: * 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 being taken against authorised persons who have failed to comply with regulatory requirements; * decisions by the FSA in its role as a 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 were eight legally qualified chairmen (including the President, Stephen Oliver QC) and 19 lay members with special experience of the financial sector - all appointed by the

Lord Chancellor The lord chancellor, formally the lord high chancellor of Great Britain, is the highest-ranking traditional minister among the Great Officers of State in Scotland and England in the United Kingdom, nominally outranking the prime minister. The ...

. Appeal against decisions of the tribunal, on a point of law, reverted to the Court of Appeal in England and Wales, and to the

Court of Session The Court of Session is the supreme civil court of Scotland and constitutes part of the College of Justice; the supreme criminal court of Scotland is the High Court of Justiciary. The Court of Session sits in Parliament House in Edinburgh ...

in Scotland.

References

{{authority control Financial services in the United Kingdom Former courts and tribunals in the United Kingdom 2000 establishments in the United Kingdom 2010 disestablishments in the United Kingdom Courts and tribunals established in 2001 Courts and tribunals disestablished in 2010