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Upper Tribunal directs FCA to reduce financial penalty in cum-ex trading case (Arian Financial LLP v FCA)

Rowena Wisniewska and Isabella Taylor have written a case analysis in partnership with LexisNexis UK.

Financial Services analysis: Arian Financial LLP (the Applicant) referred a decision of the Financial Conduct Authority (FCA) to the Upper Tribunal which conducted a complete re-hearing of the issues underpinning the FCA’s decision to fine the Applicant £744,745, pursuant to s133(5) Financial Services and Markets Act 2000 (FSMA 2000). The Applicant admitted breaches of Principles 2 and 3 of the FCA’s Principles for Businesses but disputed the size of the financial penalty. The Tribunal considered that the FCA had not correctly followed its policy set out in its Decision Procedure and Penalties Manual (DEPP). The Tribunal made findings of fact, considered the five stages for determining the size of penalties at DEPP 6.5A (the Five-Step Framework), and directed the FCA to revise its decision with a determination reducing the financial penalty to £288,962. 

You can read the full analysis here.

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