FCA has issued its Final Notice concerning a £792,900 financial penalty imposed on Achilles Macris for failing to be open and co-operative with FCA. These failures occurred during his former employment as CIO International for JPMorgan Chase Bank. Mr Macris was responsible for a number of portfolios, including the synthetic credit portfolio when the “London Whale” trades took place. Mr Macris failed to raise concerns to the regulator over the synthetic credit portfolio. A 30% discount was applied at stage two to an initial financial penalty of £1,132,747. Although settlement during stage two would usually lead to a 20% discount, in exceptional cases FCA may accept that there has been a substantial change in the nature or seriousness of the action being taken and that an agreement would have been possible at an earlier stage if the action had commenced on a different footing. FCA and Mr Macris therefore agreed that an additional 10% discount was appropriate. Mr Macris had previously been denied third party rights in FCA’s final notice to JP Morgan on these matters (see FReD 11 December 2015). (Source: FCA Issues Final Notice for Macris)