Financial Services and Markets Tribunals
The Financial Services and Markets Tribunal is an independent judicial body established under Section 132 of the Financial Services and Markets Act 2000 (the Act) which hears references arising from decision notices issued by the Financial Services Authority (FSA). The decision notices may cover a wide range of regulatory and disciplinary matters.
The firm or the individual to whom the notice is directed has the right to refer the matter to the Tribunal. The Tribunal determines what is the appropriate action for the FSA to take. Decision notices that are referable may cover:
- Authorisation and Permission
- Penalties for Market Abuse
- Disciplinary Measures
- Official Listing
- Other Powers
1. Authorisation and Permission
Secondary Legislation under the Act specifies “regulated activities“, the carrying out of which require authorisation by the FSA. People may apply to the FSA to carry on particular regulated activities, to approve a person acquiring or increasing control over an authorised person and to authorise a unit trust scheme. Cases will often centre on the giving, variation and revocation of such permissions by the FSA or on the imposition of requirements on a person’s permission including requirements for a firm to maintain a particular level of resources.
2. Penalties for Market Abuse
The FSA may impose penalties for market abuse. The FSA is required to produce a Code which will help to determine whether particular behaviour amounts to market abuse. Its decisions on market abuse by people (whether authorised or unauthorised) are referable to the Tribunal. In addition, a legal assistance scheme has been established for market abuse cases brought by individuals before the Tribunal. There are separate regulations made by the Lord Chancellor under section 134(1) of the Act setting out details of the scheme.
3. Disciplinary Measures
The FSA may issue public statements about and/or impose penalties on authorised people who have failed to comply with requirements imposed by or under the Act.
4. Official Listing
Certain decisions by the FSA in its role as competent authority are referable to the Tribunal, for example, refusing to admit securities to the official list and suspending official listing of securities where necessary. The FSA is empowered to censure or impose penalties on issuers who breach listing rules.
5. Other Powers
The FSA will make decisions on the approval and discipline of employees and people who carry out certain functions on behalf of authorised people. There may prohibit certain people, including professionals, from carrying out particular functions.
The leaflet below explains the procedures before the Tribunal.
Financial Services and Market Tribunal – A Short Guide for Applicants 
(214kb)
Copies may also be obtained from the Secretary to the Tribunal in London.
Appeals against decisions of the Financial Services and Markets Tribunal lie directly to the Court of Appeal.
There are 8 legally qualified chairmen of the Financial Services and Markets Tribunal (including Stephen Oliver QC, the President), and 17 lay members. Some of the Chairmen also sit as Special Commissioners and as Chairmen of the Vat and Duties Tribunal.
