A Tribunal decision has upheld an FCA partial ban against a fund manager from Somerset Asset Management.
Last November, the FCA implemented a partial ban against Tariq Carrimjee following a decision in March 2015 that found he had failed to act with due skill, care and diligence in his responsibility for compliance oversight at the firm.
Carrimjee had failed to escalate the risk that his client, Rameshkumar Goenka, might have been intending to engage in market manipulation. Carrimjee received a £89,000 fine.
Carrimjee faced a partial ban relating to compliance oversight and money laundering reporting significant influence functions.
The Tribunal concluded that the FCA’s partial ban was reasonable and that Carrimjee’s failure to spot the warning signs of market abuse were “basic, fundamental and serious”.