The Upper Tribunal has recommended that FCA reconsider its decision concerning Abiodun Ladele’s application for permissions. FCA had refused his application to perform regulated activities in relation to his company, Abi Fol Consulting Limited, on the basis that, despite being acquitted on a charge of fraud by abuse of position whilst at a previous employment, on the balance of probabilities Mr Ladele had been involved in the fraudulent activities and so could not be expected to act with probity. FCA had relied on the coincidence between Mr Ladele’s actions and frauds taking place to deem him dishonest. The Tribunal viewed this coincidence as insufficient to allude to Mr Ladele’s guilt. They further clarified that Mr Ladele did not breach any relevant and applicable procedure at his previous employment with HSBC. (Source: Upper Tribunal Recommends Review of FCA Decision)