FIN. TeamThe Upper Tribunal has today published its decision in Linear Investments Ltd v FCA [2019] UKUT 0115 (TCC) (FS2018/054), in which it upheld the FCA’s decision to fine Linear for market abuse failings.
In September 2018, the FCA published a decision notice (dated 7 June 2018) in which it imposed a financial penalty on Linear (an authorised firm providing a range of brokerage services) of £409,300 for breach of Principle 3 of the Principles for Businesses. The FCA found that Linear had failed to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems relating to the detection and reporting of potential instances of market abuse between 14 January 2013 and 9 August 2015.
Linear appealed against the amount of the penalty, however the tribunal found that the FCA had taken the appropriate action by imposing a penalty for such amount.
