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Reprieved Director Was Careless, Not Dishonest

Global Glimpses | November 4, 2010

A British company director has won an appeal against a Financial Services Authority ruling that he was unfit for his job after a tribunal decided he was guilty only of “carelessness”.

The tribunal ruled that Mandeep Panesar, a director of advisory firm Burlington Associates, had made mistakes when he completed an FSA compliance form and had wrongly signed a declaration saying that he had read guidance notes published on the FSA’s website.

But it said his errors were “unfortunate instances of carelessness rather than indications of any lack of honesty or integrity, or of the appropriate competence and capability to perform the function of a director.” It concluded: “We think it extremely unlikely that he will make a similar mistake again.”

Panesar made the errors in his application for “approved person” status with the...

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