February 20, 2019

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Happy New Year from the FCA. First fines of 2019 confirm the largest ever for an individual

After a relatively quiet year for fines in 2018, the Financial Conduct Authority (“FCA“) has already published two Final Notices this week confirming the first fines of 2019 that total over £79 million.

The fines follow the FCA enforcement action, upheld on appeal by the Upper Tribunal at the end of last year, against Stewart Ford, the former CEO of Keydata Investment Services Limited (“Keydata”) and Mark Owen, Keydata’s former sales director. Mr Ford and Mr Owen were given 28 days to appeal the Tribunal’s decision to the Court of Appeal but it appears that they have chosen not to and the penalties now stand.

Details of the legal battle and the Upper Tribunal’s findings are considered in more detail in our previous post.

Of the total sum, Mr Ford was subject to a huge fine of £76 million (the largest FCA fine on an individual) and Mr Owen received a fine of over £3.2 million. They have 16 days in which to pay these fines.

Both individuals are also the subject of an FCA prohibition order, which bans them from carrying out functions in relation to regulated activities. A failure to comply with this order could amount to a criminal offence.

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About this Author

Garon Anthony, Squire Patton Boggs, litigation attorney
Partner

Garon Anthony is a partner in the Litigation Practice Group. He has specialised in dispute resolution work since he qualified as a solicitor and has considerable experience in general corporate and commercial litigation work, acting for both private and public sector clients.

Garon regularly resolves disputes for clients in the financial services/insurance sector. That encompasses professional negligence, fraud issues/recovery processes, dealing with claims and complaints by customers of the mis-selling of retail products, handling insurance policy coverage disputes for corporate...

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Associate

Rose Castle is an associate in the Litigation team with expertise in general commercial litigation. Rose qualified in September 2015 after completing her training contract with the firm.

Rose regularly acts for a diverse client base, including individuals and companies, from SMEs to PLCs. Rose has experience advising on a wide-range of matters of both a contractual and tortious nature, including breach of contract, breach of warranty, debt recovery, professional negligence and insurance.

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