The Financial Services Authority have rebutted the claims by Sir Philip Watts tha he had been "identified and prejudiced" by its investigation into Shell.

A £17m fine had been meted out to the multinational oil company over a scandal involving reporting of reserves.

Sir Philip has referred the matete to an appeals tribunal. The FSA commentted "We are confident that when the reference proceeds, the tribunal will conclude we have respected the rights in this case."

The former executive wants the chance to demonstrate that the Final Notice issued by the FSA had been "hasty".Claiming that a "full and fair examination of the evidence" at the tribunal would find he had "acted properly and in good faith".

FSA Chairman, Callum McCarthy warned companies against embracing a "US style litigous society."

Mr McCarthy's comments are ironic considering the robust stance, the Authority has taken. In fact increasingly like the US SEC.