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Jenny
Jenny, Solicitor
Category: Law
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Experience:  Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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If I have a contract whereby it can be terminated without notice

Resolved Question:

If I have a contract whereby it can be terminated without notice if I am deemed in the opinion of my principal to be not fit and proper under the FCA regulations am I entitled to seek damages for wrongful termination if the FCA decides that I am fit and proper. The other side at the mediation meeting argued that it was irrelevant what the FCA say - all that matters is their opinion
Submitted: 1 year ago.
Category: Law
Expert:  Jenny replied 1 year ago.
Hello my name is ***** ***** I am happy to help you today. Are you talking about an employment contract?
Customer: replied 1 year ago.

no it is a network of which I was a member - a principal and representative arrangement

Expert:  Jenny replied 1 year ago.
So to be clear has this contract been terminated and have you suffered a financial loss as a result of this?
Customer: replied 1 year ago.

. yes I was unable to trade because you have to get authorisation from FCA. They could have terminated with 3 months notice but by terminating immediately I lost 3 months earnings. The issue is whether they can terminate me purely because the contract says in their opinion I have ..... They are arguing that it is irrelevant whether the opinion was right or wrong

Expert:  Jenny replied 1 year ago.
In order to advise on this I need to know the exact wording of the clause they seek to rely on. Are you able to send it?
Customer: replied 1 year ago.

did you receive the wording of the clause

Customer: replied 1 year ago.

This agreement may be terminated by Intrinsic immediately by written notice to the Member on the occurrence of the following event

8.2.1 where in the reasonable opinion of intrinsic the member ceases to be fit and proper under the regulations

The regulations are the FCA fit and proper rules

I applied to another network and after long investigation by FCA it deemed I was fit and proper and authorised me

Expert:  Jenny replied 1 year ago.
Did the principle have good reason to suspect you had ceased to be fit?
Customer: replied 1 year ago.

In my opinion no as the accusations related to minor administrative matters nowhere near the criminal offenses that are necessary under the FCA regulations to be deemed not fit and proper. The principal has written "This does not imply that it is Intrinsic's view that you are no longer fit and proper too work in Financial Services; that is for each individual firm to assess based on the facts presented to them, in accordance with their own systems and controls.

The FCA handbook gives a list (not exhaustive) or when it would consider a person to be not fit and proper - and they are all very serious matters

Expert:  Jenny replied 1 year ago.
Ok well this boils down to how a reasonable principle would treat the nature of the allegations and whether this can be deemed to amount to a 'reasonable opinion'.
If it is your view that this cannot amount to a reasonable opinion then you can claim in breach of contract for your losses which would amount to the usual notice period.
In evidence you should use the FCA handbook and you could also seek statement from other people who carry out similar roles to see if in their opinion he acted reasonably.
You will need to send a letter before action before claiming.
It may be worth seeking the assistance of a litigation lawyer. Many offer a free initial consultation.
If you have any further questions please do ask. If I have answered your question I would be grateful if you would take the time to rate my answer. Thank you and all the best.
Jenny, Solicitor
Category: Law
Satisfied Customers: 6307
Experience: Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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