January 19, 2021

Volume XI, Number 19

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January 19, 2021

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January 18, 2021

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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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© Copyright 2020 Squire Patton Boggs (US) LLPNational Law Review, Volume IX, Number 18
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About this Author

Garon Anthony Litigation Attorney Squire Patton Boggs Birmingham, UK
Partner

Garon is a partner in the Litigation Practice Group. He advises clients across the full range of commercial dispute issues, including cyber liability/data breach, professional negligence, banking, pensions and insurance.

Garon regularly acts for clients who are subject to investigations or disciplinary proceedings by national and international regulators, including most recently the Financial Conduct Authority, the Financial Reporting Council and the Dubai Financial Services Authority.

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44 121 222 3507
Rose Chaudry, Squire Patton, Commercial Litigation Lawyer, Tortious Contracts Attorney
Associate

Rose Chaudry 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.

44 121 222 3146
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