On 9 February 2016, the FCA issued a final notice fining Achilles Macris £792,900 for failing to be open and co-operative with  the  FCA’s  predecessor,  the FSA (Principle 4 of the Statements of Principle and Code of Practice for Approved Persons).

Mr Macris was responsible for an investment portfolio known as the “Synthetic Credit Portfolio” (the Portfolio) which suffered significant losses in 2012. The FCA’s final notice relates to a routine “close and continuous” supervision meeting and subsequent phone call with the FSA attended by Mr Macris during which the Portfolio was discussed (the Discussions).

The FCA found that, although the FSA was notified during the Discussions that the Portfolio had made a loss of $200 million, Mr Macris failed either to provide an indication that there was cause for concern with respect to the Portfolio’s losses, or to provide specific information relating to the losses, despite being in a position to do so at the time. In particular, the FCA noted that Mr Macris failed to provide clarification when the FCA was provided with inaccurate    information.

As a result, the FCA concluded that Mr Macris’s conduct fell below the standard expected of an approved person.