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Adviser loses appeal against FCA fine over unpaid fees

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The FCA’s Canary Wharf offices

A £10,000 fine against an adviser will stand after the Court of Appeal refused a request to challenge the FCA’s decision.

Clive Rosier was the sole director and approved person at investment advice firm Bayliss & Co (Financial Services).

He has been attempting to overturn the fine and a ban from the regulator since a sanction notice was first issued against him in 2013.

The FCA found that “Bayliss has failed to pay levies that fell due to the authority… notwithstanding repeated requests by the authority that it do so.”

It also found that “Bayliss does not have appropriate human resources” and that Bayliss “has failed to satisfy the authority that it is managing its business in such a way as to ensure that its affairs will be conducted soundly and prudently.”

After the Upper Tribunal dismissed Rosier’s first challenge against the FCA decision, he then took the case to the Court of Appeal. In January last year, it denied him permission to appeal against the Tribunal’s decision.

In March this year, Rosier asked for a further oral hearing of that application. However, this has now also been refused.

The FCA has given Rosier until 19 October to pay his financial penalty or it will recover the debt itself.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Why didn’t he pay and on what grounds did he seek to challenge the fine? Without those two items of information, the article is somewhat incomplete.

  2. This isn’t just fees – Page one of the decision document references promotion of UCIS, several advice failings, ignoring complaints and not completing a mandated review of past business.

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