The Upper Tribunal has dismissed two applications made by Chris Ashton, a former Barclays ‎trader and member of “the cartel” messaging group, concerning whether Mr Ashton was “identified” in notices relating to UBS and Barclays for the purposes of section 394(4) FSMA. Both references were dismissed on the grounds that Mr Ashton was unable to satisfy the Tribunal that any of the words used in the UBS Notice or the Barclays Notice were such as would reasonably in the circumstances lead persons acquainted with him professionally, or who operate in his area of the financial services industry, to believe he was a person “prejudicially affected” by matters stated in any of the reasons contained in those notices. Consequently, Mr Ashton was not “identified” in either notice. (Source: Upper Tribunal Dismisses Ashton Improper Identification Case)