James Perman & Co forced to pay FSA costs

SCOTTISH FIRM James Perman & Co has been ordered to pay out nearly £9,000 in costs after losing a battle against the FSA.

The regulator had removed James Perman’s permission to carry out financial services, after the firm had refused to have a supervisory visit conducted at its offices.

After James Perman had appealed against a decision by the Upper Tribunal to cancel its permission, the FSA then applied to have its legal costs of £8,665.60 picked up by the accountants.

The tribunal ordered James Perman to pick up the costs, saying the firm’s actions had been “unreasonable”.

“…Its rejection of what in our view was a reasonable offer on the part of the FSA amounted to unreasonable conduct on the applicant’s part and caused the FSA to incur costs/expenses,” the judges said in their decision statement.

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