A Tribunal decision has upheld the FCA’s fine and partial ban against a fund manager from Somerset Asset Management.
Last November, the FCA imposed a partial ban on Tariq Carrimjee following a decision in March 2015 that found he had failed to act with due skill, care and diligence in his responsibility for compliance oversight at the firm.
Carrimjee had failed to escalate the risk that his client, Rameshkumar Goenka, might have been intending to engage in market manipulation.
Carrimjee received a £89,000 fine.
Carrimjee faced a partial ban relating to compliance oversight and money laundering reporting significant influence functions.
The Tribunal concluded that the FCA’s partial ban was reasonable and that Carrimjee’s failure to spot the warning signs of market abuse was “basic, fundamental and serious”.