Hussein v Financial Conduct Authority

Financial services – Prohibition order. The applicant derivatives trader had not acted dishonestly or without integrity as regards his participation in certain chats with a UBS trader-submitter on which the respondent Financial Conduct Authority (the FCA) had relied in deciding to make a prohibition order against the applicant pursuant to s 56 of the Financial Services and Markets Act 2000. However, the applicant had given untruthful evidence under oath to the Upper Tribunal (Tax and Chancery Chamber) which had demonstrated a lack of honesty and integrity for the purposes of the FCA's assessment of a person's fitness and propriety to perform a particular controlled function. Consequently, the tribunal dismissed the applicant's reference in relation to the prohibition order.