The UK

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

 Financial Services and Markets Tribunal was an independent judicial body established under Section 132 of the Financial Services and Markets Act 2000

Financial Services and Markets Act 2000

The Financial Services and Markets Act 2000 is an Act of the Parliament of the United Kingdom that created the Financial Services Authority as a regulator for insurance, investment business and banking.-Outline:...

, which heard references arising from decision notices issued by the Financial Services Authority

Financial Services Authority

The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...

 (FSA).

In April 2010 the Tribunal was abolished and its functions transferred to the Upper Tribunal

Upper Tribunal

The Upper Tribunal is part of the administrative justice system of the United Kingdom. It was created in 2008 as part of a programme, set out in the Tribunals, Courts and Enforcement Act 2007, to rationalise the tribunal system, and to provide a common means of handling appeals against the...

.

Examples of such decisions which the Tribunal could review included:

• the giving, variation and revocation of authorisations to conduct regulated activities, or on the imposition of requirements for such authorisation (e.g. requirements for a firm to maintain a particular level of resources);
• penalties for market abuse, including civil penalties for insider dealing;
• disciplinary measures taken against authorised persons who have failed to comply with regulatory requirements;
• decisions by the FSA in its role as competent authority in relation to the listing of shares on recognised exchanges - for example, refusing to admit securities to the official list, suspending official listing of securities where necessary, and the imposition of penalties on issuers who breach listing rules; and
• the approval and discipline of employees and persons who carry out certain functions on behalf of authorised persons. There may prohibit certain persons, including professionals, from carrying out particular functions.

There were 8 legally qualified chairmen (including Stephen Oliver QC, the President), and 19 lay members with special experience of the financial sector, all appointed by the Lord Chancellor

Lord Chancellor

The Lord High Chancellor of Great Britain, or Lord Chancellor, is a senior and important functionary in the government of the United Kingdom. He is the second highest ranking of the Great Officers of State, ranking only after the Lord High Steward. The Lord Chancellor is appointed by the Sovereign...

. Appeal against decisions of the Tribunal, on a point of law, lay to the Court of Appeal

Courts of England and Wales

Her Majesty's Courts of Justice of England and Wales are the civil and criminal courts responsible for the administration of justice in England and Wales; they apply the law of England and Wales and are established under Acts of the Parliament of the United Kingdom.The United Kingdom does not have...

 in England and Wales, and to the Court of Session

Court of Session

The Court of Session is the supreme civil court of Scotland, and constitutes part of the College of Justice. It sits in Parliament House in Edinburgh and is both a court of first instance and a court of appeal....

in Scotland.