Arch Financial Products (AFP) chief executive Robin Farrell made £492,359 from the sale of shares in the Arch group to the Arch Cru fund range, the Financial Services Authority (FSA) has revealed.
Today the FSA revealed it wants to ban Farrell and AFP's former compliance director Robert Addison from working in financial services, and fine them £850,000, for failing to ensure conflicts of interest were properly managed during AFP's management of the Arch Cru fund range. In the FSA's decision notice in the case, the regulator said AFP caused the [Arch Cru] Guernsey cells to purchase shares in AFP's parent company, Arch Group Ltd (AGL) at a price determined by one of its directors with no independent verification of the price and inadequate contemporaneous recording of the conflict o...
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