UK:
Happy New Year From The FCA. First Fines Of 2019 Confirm The Largest Ever For An Individual
24 January 2019
Squire Patton Boggs LLP
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After a relatively quiet year for fines in 2018, the Financial
Conduct Authority ("FCA") has already
published two Final Notices this week confirming the first fines of
2019 that total over £79 million.
The fines follow the FCA enforcement action, upheld on appeal by
the Upper Tribunal at the end of last year, against Stewart Ford,
the former CEO of Keydata Investment Services Limited
("Keydata") and Mark Owen, Keydata's
former sales director. Mr Ford and Mr Owen were given 28 days to
appeal the Tribunal's decision to the Court of Appeal but it
appears that they have chosen not to and the penalties now
stand.
Details of the legal battle and the Upper Tribunal's
findings are considered in more detail in
our previous post.
Of the total sum, Mr Ford was subject to a huge fine of
£76 million (the largest FCA fine on an individual) and Mr
Owen received a fine of over £3.2 million. They have 16 days
in which to pay these fines.
Both individuals are also the subject of an FCA prohibition
order, which bans them from carrying out functions in relation to
regulated activities. A failure to comply with this order could
amount to a criminal offence.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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