Arch Financial Products LLP, Robin Farrell and Robert Addison v The Financial Conduct Authority: [2015] UKUT 0013 (TCC)

Upper Tribunal Tax and Chancery decision of Judge Herrington, Member O'Neill and Member Freeman on 19 January 2015.

Read the full decision in Arch Financial Products LLP, Robin Farrell and Robert Addison v Financial Conduct Authority: [2015] UKUT 0013 (TCC).

FINANCIAL SERVICES – investment management – management of conflicts of interest - compliance monitoring - separation of decision making within firm acting for different customers – whether property of open ended investment companies managed with the aim of providing a prudent spread of risk as regards liquidity – Principles 2, 3, 8 in respect of alleged breaches by firm and Statements of Principle 6 and 7 in respect of alleged breaches by individual Applicants Management of conflicts of interest in respect of four specific transactions – whether Applicants acted without integrity – Principle 1 in respect of alleged breaches by firm and Statement of Principle 1 in respect of alleged breaches by individual Applicants Financial penalty and public censure – whether action against individual Applicants prevented by limitation – s66(4), (5) FSMA – appropriate level of penalty – ss66(3), 205 FSMA Fitness and properness of individuals – withdrawal of approvals – prohibition orders – ss56 and 63 FSMA.

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