Was former chairman of Shell Group denied procedural fairness in the FSA's enforcement action against the group?: Financial Services and Markets Tribunal gives preliminary ruling

To discuss the FSA's enforcement action against the Royal Dutch/Shell group, which had been found to have made false or misleading announcements regarding its proved hydrocarbon reserves and reserves placement ratio's 1998‐2003.

Presents the facts forming the background to the case.

Finds that the Chairman of Shell's defence in the case contains some justifiable points, although the tribunal's decision went against him.

Arguably, lays the foundation for further discussion of points such as these, foreshadowring a forthcoming publication on the UK financial regulation.