Tribunal backs FCA on Arch: The Tribunal has upheld FCA's decision and fines on Arch Financial Products LLP, Robin Farrell and Robert Stephan Addison. It had decided to issue a public censure to the firm (which it would have fined £9 million if it had not been for the firm's financial position), to ban Mr Farrell, withdraw his approvals and fine him £650,000, and to ban Mr Addison, withdraw his approvals and fine him £200,000. The findings related to failings in:
- conflicts management;
- failure to manage specific conflicts;
- compliance monitoring;
- separation of decision-making; and
- liquidity and spread of risk.
Only in relation to the prudent spread of risk did the Tribunal disagree with FCA. (Source: Tribunal Backs FCA on Arch)