Plumber fury as appeal ditched

THE tribunal hearing entrepreneur Paul Davidson's appeal against his fine from the Financial Services Authority (FSA) was abandoned today, leaving the man known as The Plumber furious.

The FSA had demanded the appeal be dissolved after it emerged that the senior judge of disciplinary cases discussed Davidson's case with a member of the tribunal while walking his dog.

Davidson was fined £750,000 for market abuse after he placed a large spread bet that could have affected the market price of Cyprotex, a company in which he had a stake.

He has since had his assets - worth about £65m - frozen, and will now have to wait until a further tribunal date is set before attempting to get the fine overruled.

He said: 'This tribunal is a poodle for the FSA. If they had a very strong case in the first place, they wouldn't need a new trial.'

The Financial Services and Markets Tribunal claimed it was dissolving the hearing after being asked to do so by both parties. In fact, Davidson and his lawyers claimed he had never demanded the tribunal be abandoned.