Sir Philip Watts' reference to the Financial Services and Markets Tribunal
13 September 2005
The Financial Services and Markets Tribunal has today found that Sir Philip Watts was not identified and prejudiced by the FSA's Final Notice issued to Shell in August 2004.
As a result of the Tribunal's finding, Sir Philip's reference regarding the FSA's Final Notice to The "Shell" Transport and Trading Company, plc and The Royal Dutch Petroleum Company NV is now at an end (subject to any appeal). The hearing of the issue of identification and prejudice took place on 25 July 2005.
The FSA welcomes the clarification of the law in relation to the rights of third parties.
We have further enquiries which we are pursuing in relation to Sir Philip. These have not yet been concluded.
Please find attached links to the Tribunal decision and the FSA's previous statement on the issue.
FSA Statement: Sir Philip Watts' reference to the Financial Services and Markets Tribunal