Banned former network boss Charlie Palmer must pay a more than £86,000 fine to the FCA within two weeks, the regulator said today.
The FCA published a final notice on 19 September, after Palmer’s appeal to the Upper Tribunal was unsuccessful, which says that his £86,691 fine must now be paid within 14 days.
If any or all of the fine is not paid within that timeframe the FCA can recover it as debt owed by the former Financial Limited chief to the FCA.
In August, the regulator succeeded in its its battle to ban and fine Palmer after the Upper Tribunal rejected his appeal. The initial FCA decision was given to Palmer in September 2015.
The fine is the second Palmer has received, after being investigated by previous regulator the Financial Services Authority in 2009 and then fined £49,000 a year later over risks of unsuitable pension switching advice at the firm.