Fund manager's FCA ban upheld by tribunal

Failed to stop a client committing market abuse

The Financial Conduct Authority has won an appeal to ban former Somerset Asset Management fund manager Tariq Carrimjee from carrying out compliance and significant influence functions.

Following a hearing in September 2016, a decision was made by the tribunal on 20 October to ban Carrimjee from carrying out certain functions including compliance oversight and money laundering reporting. Carrimjee, who was an investment and fund manager at Somerset Asset Management, was previously found to have failed to act with due skill, care and diligence in failing to escalate the risk that his client, Rameshkumar Goenka, might have been intending to engage in market manipulation, and that this risk should have been apparent to Carrimjee. He was fined £89,000 for failing to prev...