FCA has published its final notices banning Stewart Ford and Mark Owen from performing any function in relation to any regulated activity and fining them £76 million and £3,240,787 respectively.
Mr Ford held the CF1, 3 and for some time 8 positions in respect of Keydata Investment Services Limited Mr Owen held the CF1, CF16 and CF29 functions. FCA found they both breached approved persons Principles 1 and 4.
Mr Ford and Mr Owen had appealed the fines to the Tribunal. FCA had originally notified them of its decision in late 2014, and the Tribunal’s detailed judgment was published in November. While the Tribunal did not agree with all FCA’s determinations, it agreed that neither individual was fit and proper, and agreed what was (by then given later findings by FCA) an increased penalty on Mr Ford and a slightly reduced one on Mr Owen.