FSA to seek to cancel permission of firms who file late

On 9 May 2008, the FSA announced that it had launched an appeal against the Tribunal’s decision in the matter of Salman Ahmed Khan, trading as Salman A Khan.

The FSA had sought to cancel Mr Khan’s permission for his repeated late submission of regulatory returns. The primary basis of the appeal was that the Tribunal had directed the FSA to impose a financial penalty on Mr Khan rather than cancel his permission, which the FSA is not, in those particular circumstances, legally permitted to do.

Since the FSA launched the appeal, a separate action was commenced against Mr Khan for his failure to maintain adequate resources and to pay fees and levies owed to the FSA, which recently resulted in his permission being cancelled. A Final Notice relating to that action has been published on the FSA’s website.

Given that Mr Khan’s permission has been cancelled, the FSA’s appeal against the Tribunal decision had become academic, and the FSA has accordingly withdrawn its appeal. The FSA’s policy remains that it will seek to cancel the permission of firms who repeatedly file regulatory returns late.