The Financial Conduct Authority (FCA) has won its case at the Upper Tribunal to ban former derivatives trader David John Hobbs from performing any role in regulated financial services for lying to the regulator.
On 23 July 2010 the forerunner to the FCA the Financial Services Authority (FSA) fined Hobbs £175,000 and imposed a ban on him for what the regulator alleged was market abuse. Hobbs, a proprietary trader at Mizuho International, referred the decision to the Tribunal, which found that although he had not committed market abuse he had lied to the Tribunal and the regulator. Given this finding the Tribunal directed the regulator to take no action against Hobbs. However the FCA appealed the Tribunal's decision regarding Hobbs' fitness and propriety - but not its finding on market abuse...
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