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ARTICLE · 16 SEPTEMBER 2004

Statement by Sir Philip Watts on FSA Investigation into Shell

Herbert Smith Freehills Kramer LLP
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have today instructed my lawyers to file an application in the Financial Services and Markets Tribunal regarding the Financial Services Authority’s ("FSA") breach of Section 393 of the Financial Services and Markets Act 2000, and the harm subsequently caused to me.

United KingdomFinance and Banking
Philip Watts
Philip Watts

Please click on ‘Next Page’ link at the bottom of this article to read Philip Watts' Letter to FSA

16 September 2004

I have today instructed my lawyers to file an application in the Financial Services and Markets Tribunal regarding the Financial Services Authority’s ("FSA") breach of Section 393 of the Financial Services and Markets Act 2000, and the harm subsequently caused to me.

The FSA violated my statutory rights to review and rebut the allegations contained in their recently published Final Notice against Shell, because I was both identified and prejudiced by the publication. This is contrary to the rights afforded under Section 393 to individuals so identified and prejudiced.

My lawyers have advised me that it would be inappropriate for me to discuss publicly the issues that are the subject of this Application or that continue to be investigated by the FSA. In this proceeding, and any other that may follow, I believe that a full and fair examination of all the facts will

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