FCA has fined Mothahir Miah, a former investment analyst at Aviva Investors Global Services Limited (Aviva), £139,000 and banned him from performing any function in relation to any regulated activity in the financial services industry for failing to act with honesty and integrity. Between January 2010 and October 2012, Mr Miah exploited weaknesses in the Aviva trading systems and controls in order to delay the booking and allocation of trades on behalf of hedge and long-only funds by several hours. This meant Mr Miah was able to “cherry pick” the delayed trades by assessing their performance during the day and allocating trades that had benefited from favourable price movements to hedge funds that paid performance fees, and those that had not benefitted to certain long-only funds that paid lower or no performance fees. Mr Miah’s actions contributed to Aviva Investors having to pay significant compensation to a number of long-only funds. FCA had previously fined Aviva £17.6 million in relation to its failings. By agreeing to settle at an early stage, the fine levied against Mr Miah was reduced by 30%. FCA also said his early admissions and expression of remorse mean that FCA is minded to revoke Mr Miah’s ban from performing any regulated activity after five years if he applies to have the ban lifted. (Source: FCA Final Notice – Aviva Analyst)