THE FINANCIAL SERVICES AND MARKETS TRIBUNAL
IAN DOUGLAS COX
- and -
THE FINANCIAL SERVICES AUTHORITY
Tribunal: DAVID MACKIE QC (Chairman)
NICHOLAS WILLIAM DOUCH
IAN BARRY ABRAMS
Sitting in London on 12th May 2003
The Applicant in person
Mr David Mayhew, instructed by the Respondent, for the Respondent
ę CROWN COPYRIGHT 2003
Legal Task of Tribunal
(a) MráCox arranged for the cheque from Norwich Union to be made out to Standard Life, but the address given was MráCox's home address, not that of Standard Life. This allowed him to purport that the cheque did not represent the transfer value of a pension, and was freely available for investment in any instrument.
(b) Mr Cox filled out a form for a Capital Investment Bond to be issued by Standard Life. He signed the form in a way quite different from his usual signature. He put in the date of birth of the lady with whom he was then living rather than his own. Under "financial adviser's details" he gave the address of CB Thomas but not the name of the company. He gave as the "name of contact" of the financial adviser not himself but "CB Thomas".
(c) A few days later on 20th September, 1996 he completed the Standard Life IFA Certificate to comply with the Money Laundering Regulations certifying that he, Mr Cox was an existing customer. As a result, Standard Life would be able to deal with Mr Cox without making the usual money laundering enquiries. At the foot of the form, the name of the intermediary "CB Thomas Financial Services" was given. Beneath that, is Mr Cox's real signature, not one that clearly shows the name. Beneath "Signed" under "Full Name" appears "CB Thomas".
(d) Soon afterwards, and during the 14áday statutory "cooling-off" period, using the signature on the application form, Mr Cox filled out a Standard Life cancellation form giving notice that he had decided not to proceed with the policy and requiring the return of any money paid. On 21st October, Mr Cox was sent a cheque for ú15,388.60 by Standard Life.
Why the FSA seek refusal of the Application
Why Mr Cox submits that his Application should be granted
The Tribunal's Conclusions
DAVID MACKIE QC