Fox Hayes

The Financial Conduct Authority did not have the information requested.

Dear Financial Conduct Authority,

In February 2009, the Financial Services Authority levied a fine of around £1m against the Leeds firm Fox Hayes for its part in a so-called 'boiler room' fraud.

Can you advise:

* How much of that fine has been recovered and when? When was each installment (if there was more than one) paid?
* Who has paid the fine? How much, if any, of the fine has been paid back by former partners of the firm?
* If the full amount has not yet been recovered, what is the reason for this?
* If the full amount has not yet been recovered, when is it likely to be? Is the FCA still actively pursuing those who owe the fine? If not, when did that pursuit stop?

Yours faithfully,

John Hyde

The Financial Conduct Authority

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The Financial Conduct Authority (FCA)
25 The North Colonnade,
Canary Wharf,
London
E14 5HS
United Kingdom
Registered as a Limited Company in England and Wales No.1920623.
Registered Office as above
Switchboard: 020 7066 1000
Web Site: http://www.fca.org.uk
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Freedom of Information, The Financial Conduct Authority

1 Attachment

Our Ref: 3227

 

Dear Mr Hyde

 

Freedom of Information: Right to know request

 

Thank you for your request under the Freedom of Information Act 2000 (the
Act), for the following information. 

 

“In February 2009, the Financial Services Authority levied a fine of
around £1m against the Leeds firm Fox Hayes for its part in a so-called
'boiler room' fraud.

 

Can you advise:

 

1.    How much of that fine has been recovered and when? When was each
instalment (if there was more than one) paid?

2.    Who has paid the fine? How much, if any, of the fine has been paid
back by former partners of the firm?

3.    If the full amount has not yet been recovered, what is the reason
for this?

4.    If the full amount has not yet been recovered, when is it likely to
be? Is the FCA still actively pursuing those who owe the fine? If not,
when did that pursuit stop?”

 

Your request has now been considered.  Whilst we confirm that we hold
information about the subject of your request - in this case the 'fines'
imposed on Fox Hayes, we are unable to respond to your questions as, to do
so, we would inevitably involve some disclosure of confidential
information (under Section 348 of the Financial Services and Markets Act
2000).

The key factor here is that the information you seek is “confidential
information” within the meaning of that section of FSMA unless one of the
conditions in s348(4) applies. These specify  that information is not
confidential if (a) it has already been made legitimately available to the
public; or (b) it can be summarised or so framed that it is not possible
to ascertain from it information relating to any particular person.  Since
neither of those conditions is, or can be, met in this case, we therefore
consider that the following exemption applies.

·             Section 44 (Prohibitions on disclosure)

 

As explained above, section 44(1)(a) of the Act provides that information
is absolutely exempt from disclosure if its disclosure (otherwise than
under the Act) is prohibited by or under any enactment.  Section 348 of
FSMA restricts the FCA from disclosing "confidential information" it has
received except in certain limited circumstances (none of which apply
here).

 

Section 44(2) provides that the duty to confirm or deny does not arise if
the confirmation or denial that would have to be given to comply with
section 1(1)(a) would (apart from this Act) fall within any of paragraphs
(a) to (c) of subsection (1).

 

Confidential information for these purposes is defined as non-public and
non-anonymised information which relates to the business or other affairs
of any person and which was received by the FCA (or its predecessor the
FSA) for the purposes of, or in the discharge of, its functions under FSMA
and which is not in the public domain.

 

This includes any information which may have been received from a
firm/individual during the course of any discussions which the FCA may
have had with that firm/individual and which may have been received while
performing our regulatory functions and which is not in the public domain.

 

The information requested would amount to confidential information
received by the FCA in the discharge of its functions under FSMA. 
Disclosure of any confidential information, without the consent of the
provider of the information, and, if different, the consent of the person
to whom the information relates would be a breach of section 348 of FSMA
and would be a criminal offence.

 

Section 44 of the Act is an “absolute” exemption, and so it is not
necessary to balance the public interest for and against disclosing the
information.

 

Separately, all fines information is available on the FCA website.  This
includes the fines raised in respect of Fox Hayes which can be found at
the following link: 
[1]http://webarchive.nationalarchives.gov.u...

 

If you have any queries or are unhappy with the decisions made in relation
to your request please contact me.  If I am not able to resolve your
concerns I will advise you of the process for an internal review.  If you
wish to exercise your right to an internal review you should contact us
within three months of the date of this letter.

 

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner at:

 

Information Commissioner's Office

Wycliffe House

Water Lane

Wilmslow

Cheshire

SK9 5AF

 

Telephone:    01625 545 700

Website:       www.ico.gov.uk

 

Yours sincerely

 

 

 

Information Access Team

Financial Conduct Authority

 

 

Susan Currington

Associate / Information Access Team / Finance and Operations

[2]Description: Description: FCA_

Financial Conduct Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

 

Tel:    +44 (0)20 7066 7192

[3]www.fca.org.uk

 

 

This communication and any attachments contains information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer.

 

The FCA reserves the right to monitor all email communications for
compliance with legal, regulatory and professional standards.

 

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from

 

The Financial Conduct Authority (FCA)

25 The North Colonnade,

Canary Wharf,

London

E14 5HS

United Kingdom

 

Registered as a Limited Company in England and Wales No.1920623.

Registered Office as above

 

Switchboard: 020 7066 1000

Web Site: http://www.fca.org.uk

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References

Visible links
1. http://webarchive.nationalarchives.gov.u...
3. http://www.fca.org.uk/