The U.K.’s Financial Services Authority can’t seem to get any respect. In the latest reversal, the Financial Services and Markets Tribunal not only overturned a market-abuse fine, but also stunningly censured the FSA for the size of the fine it imposed. The Times of London reports that the tribunal cleared Paul Davidson and his broker, Ashley Tatum, of market abuse in connection with spread bets in a biotech company in 2002 because the rules at the time did not require disclosure of spread bets. In addition, it threw out a £750,000 (US$1.4 million) fine imposed on Davidson and blasted the FSA for an inappropriate penalty; current market-abuse rules require a published statement. The regulator may now face “substantial” damage claims from both men, The Times says.