In the recently-released landmark judgment in the appeal of Francis v The JFSC, Mr Francis’s legal team argued that the JFSC’s finding of lack of integrity was tantamount to a finding of dishonesty, albeit that the regulator had not made a separate finding of dishonesty. The Royal Court disagreed. It found the position under English law was that the majority of the authorities support the conclusion that:
“A lack of integrity does not require dishonesty (although a finding of dishonesty necessarily includes a lack of integrity).”
So no, honesty and integrity are not two sides of the same coin.