Financial Conduct Authority v Ferreira

In a judgment handed down this morning, the Court of Appeal allowed an appeal against a decision of Kelyn Bacon QC (as she then was), sitting as a Deputy High Court Judge, that the Appellant, a former director of Our Price Records Limited, had been “knowingly concerned” in the company’s contravention of section 21 of the Financial Services and Markets Act 2000. The Court of Appeal held that an individual must have knowledge not only of the positive aspects of the primary contravention but also knowledge of the factual circumstance that prevents a potentially relevant disapplication from operating. The decision of the Judge that the Appellant should pay £2.7 million to the FCA was set aside.

Practice Area: Company Law