Tribunal upholds investment manager's FCA ban

Mr Carrimjee was an investment and fund manager who held senior positions at Somerset and was responsible for compliance oversight.

In an earlier decision the Tribunal found that Mr Carrimjee had failed to act with due skill, care and diligence in failing to escalate the risk that his client might have been intending to engage in market manipulation.

The Tribunal imposed a penalty of £89,004 and remitted part of the case back to the FCA to reconsider and reach a decision as to the extent of any ban in accordance with its findings.

In November 2015 the Authority imposed a partial ban on Mr Carrimjee relating to the compliance oversight and money laundering reporting significant influence functions and Mr Carrimjee then referred that decision to the Tribunal.

The Tribunal made a number of findings including that his failure to spot the warning signs of market abuse were “basic, fundamental and serious”.

The Tribunal concluded that the Authority’s decision to impose a partial ban was one that was "reasonably open to the Authority to make". It remains open to the parties to appeal this judgment.