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ARTICLE · 06 JUNE 2012

FSA Sanctions In Team Move Cases

Mayer Brown
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In Spring 2010, we published an Update on the "Tullett Prebon Plc v BGC Brokers LP" case.

United KingdomEmployment and HR
Christopher Fisher
Christopher Fisher
Angela Hayes
Angela Hayes
Elizabeth Hodgkinson
Elizabeth Hodgkinson
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Originally published May 31, 2012

Keywords: FSA, sanctions, interdealer brokers, civil ruling

In Spring 2010, we published an Update on the "Tullett Prebon Plc v BGC Brokers LP" case. In this much-publicised and long-running battle between rival interdealer brokers, the High Court took a dim view of BGC's conduct when poaching a team of brokers from Tullett. It took an even dimmer view of the conduct of Anthony Verrier, the former COO of Tullett.

Having thought that this dispute had long drawn to a close, the FSA has brought it to the forefront again by taking the unusual step of banning Mr Verrier from ever again working in a regulated activity in the financial services industry. In this alert, we shall consider why the FSA thought it appropriate to come to such a decision following a civil ruling, and also consider how the FSA's reaction could have an impact on team move cases in the future.

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