30SECOND GUIDE TO ... UPPER TRIBUNAL

Sounds like a mountain range

IT isn’t. It’s the court to which City dealmaker Ian Hannam is appealing after the FSA fined him £450,000. It has the power to overturn decisions by the FSA or the pensions regulator.

How does that work?

When the FSA accuses you of being a naughty boy or girl, your first option is to agree to a financial settlement. Should you be unwilling to admit responsibility, the case will be referred to the Regulatory Decisions Committee, composed of the great and the good from the City, but not FSA employees.

What then?

If, as in Hannam’s case, the RDC agrees with the FSA’S ruling, your next option is the Upper Tribunal.

A judge and two lay members of the court, usually experts in the field up for discussion, will hear evidence before handing down their decision. The Upper Tribunal process usually takes about two or three months.

Is it powerful?

Yes. It was set up in 2008 as a Superior Court of Record, giving it equivalent status the High Court. It can set legal precedent and enforce its own decisions.

It also has the power to review decisions made by the Bank of England, HM Revenue & Customs, even decisions relating to banking regulation. They don’t call it Upper for nothing.