Following the Upper Tribunal’s decision concerning two non-executive directors of Arch Financial Products LLP (Arch) the FCA has published final notices. The FCA has:

1. Imposed a £200,000 fine on Robert Addison, Arch’s former compliance officer, for breaches of Principles 1 and 7 of the FCA’s Statements of Principle for Approved Persons, withdrawn his permission to carry out controlled functions and prohibited him from performing any function in relation to regulated activity because he is not a fit and proper person;
2. Fined Robin Farrell, Arch’s former Chief Executive Officer, £650,000 for breaches of Principles 1 and 7 of the FCA’s Statements of Principle for Approved Persons, withdrawn his permission to carry out controlled functions and prohibited him from carrying out regulated activity because he is not a fit and proper person; and
3. Issued a public censure against Arch for breaches of Principles 1, 3 and 8 of the FCA’s Principles for Businesses and breaches of Senior Management Arrangements, Systems and Controls and Conduct of Business Sourcebook rules. Had it not been for Arch’s financial hardship, the FCA would have fined it £9 million.

Copies of the final notices for

Arch Financial Products LLP; http://bit.ly/1CtJ44q

Robert Addison and http://bit.ly/1yRmiTU

Robin Farrell   http://bit.ly/1GH8sd1