Tribunal upholds FCA decision to fine fund manager £89k

The Upper Tribunal has upheld a Financial Conduct Authority decision to fine a fund manager £89,000 for not doing more to prevent a client from committing market abuse.

The FCA first sought to fine and ban Tariq Carrimjee, investment manager and fund manager at Somerset Asset Management, in August 2013, for allegedly assisting a client manipulate markets. Carrimjee then referred the case to the Upper Tribunal. The tribunal decided Carrimjee's failings were serious and that a significant financial penalty was appropriate - but did not uphold the FCA's decision that he had acted without integrity. The tribunal also found that Carrimjee failed to act with due skill, care and diligence in failing to escalate the risk that his client, Rameshkumar Goenk...