Stephenson Harwood has taken a key role in overturning a Financial Services Authority (FSA) decision to fine a former UBS executive for misconduct in relation to compliance failures that occurred under his supervision.

The firm acted for John Pottage, the former chief executive of UBS's UK wealth management division, on his successful appeal against the £100,000 fine.

The fine marked the first time that the FSA had attempted to penalise a senior manager for failing to take reasonable steps to ensure that the business of his division complied with regulatory requirements, even though he had no personal involvement.

However, the Upper Tribunal for Financial Services ruled in favour of Pottage's appeal, which was led by Stephenson Harwood litigation head John Fordham, with Guy Philipps QC of Fountain Court instructed as counsel.

The FSA was represented by Andrew Hochhauser QC and Edward Brown of Essex Court Chambers.

The appeal also handed roles to Herbert Smith and Ashurst, which acted for related parties. Herbert Smith advised UBS and UBS Wealth Management, while Ashurst took a role for Jeremy Palmer, the former head of UBS Wealth Management.

City financial service regulatory partner Nik Kiri led the Herbert Smith team, which also included disputes consultant David Mayhew, who has since joined 39 Essex Street. Ashurst's team was headed up by City litigation partner Ed Sparrow.