The upper Tribunal has delivered its findings in relation to FCA’s decision to ban Tariq Carimjee from the CF10 and CF11 functions after it found he recklessly assisted a client to manipulate stock prices. Mr Carimjee had disputed FCA’s original findings, that he had breached APER Principle 1, and the Tribunal at first instance agreed, but said he had nevertheless breached Principle 2 by failing to act with due skill, care and diligence. FCA still considered the ban was appropriate, saying it considered Mr Carimjee lacked the fundamental skills and judgement necessary, and that even though he had relinquished the positions and employed a compliance officer, the ban would still serve a lawful purpose. The Tribunal thought it could consider relevant evidence that post-dated FCA’s decision. However, having taken all these into account, including the additional training that Mr Carimjee had undergone, the Tribunal did not consider any of these post-dating actions were sufficient for it to recommend the FCA change its decision.
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