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 .
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.