New Model Adviser - For Professional Investors

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

How Chris Moyles scuppered Arch bosses' bid for secrecy

How Chris Moyles scuppered Arch bosses' bid for secrecy

An Upper Tribunal judge turned to recent revelations of former Radio 1 DJ Chris Moyles' tax arrangements in rejecting bids by Arch Financial Products directors to have decision notices issued against them by the Financial Services Authority (FSA) kept private.

The Upper Tribunal has now published its judgment on the Arch case after the FSA published the notices against directors Robin Farrell and Robert Addison yesterday.

Farrell and Addison had appealed for the notices to be kept private on the basis it could affect court cases against them and Arch. Farrell also claimed publication could infringe on his privacy and safety, and that of his family.

Judge Timothy Herrington rejected their claims, referencing the verdict of Judge Bishopp, who ruled earlier this year against Moyles having his membership of a tax avoidance scheme kept private.

'I do not accept that the high level of public interest in itself takes the matters out of the ordinary run-of-the-mill case where publication can have a detrimental effect on reputation,' he said.

'Consistent with Judge Bishopp's reasoning in Mr A, the fact that the situation, born out of what was clearly originally a very successful investment product in terms of the amounts raised from a very large number of investors, has turned sour and created a considerable public interest in what the consequence of that will be should not shield the applicants from the glare of publicity,' he added.

Herrington added there was 'no evidence' that Farrell's fears over his personal safety were well-founded. He added Farrell's claim his credibility as a witness in the court proceedings could be affected by publication of the notices was 'pure speculation'.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Comment & analysis