Court Decision backs FSA on investigation
09/10/2003
The High Court today sentenced Christopher Westcott to 28 days suspended imprisonment for failing to co-operate with an FSA investigation. The suspension is on condition that he now co-operates with the FSA. Mr Westcott, who didnt attend todays hearing, is alleged to have been selling funeral plans to customers in the Durham area without proper authorisation.
Andrew Procter, Director of Enforcement at the FSA, said:
"The Courts decision emphasises the need for individuals to co-operate with the FSAs investigations and makes clear the potential consequences if they fail to co-operate with our enquiries. As part of this investigation, we would like to hear from anyone who was sold a plan by Mr Westcott or any of his aliases, or Cathedral Funeral Services."
This judgement means that Mr Westcott was treated as if he was in Contempt of Court.
In making its Order, the High Court recognised that:
The FSA has an important statutory function to perform for the protection of the public
Mr Westcotts failure to co-operate with the FSAs investigation was frustrating the statutory purpose and duties of the FSA; and that
Mr Westcott was prejudicing the interests of the public that the Authority is there to serve
The investigation continues.
Notes for editors
The FSA has been investigating Mr Westcott and Cathedral Funeral Services Limited since April 2002.
Under the Financial Services and Markets Act, since 1 January 2002, providers of funeral service plans require authorisation from the FSA. This is because such plans are considered to be a financial services product.
Aliases used by Mr Westcott known to the Court are: Joesph Kristian Henschen; Kristian Henshall; Barry Henshall; Nicholas Holloway; A Smithson; and Barry John Westcott.
If you have been sold a funeral plan since 1 January 2002, please contact the FSAs investigation team on 020 7066 1276 or 020 7066 1248.
The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.