The upper tribunal hearing of Arch Financial Products (AFP) chief executive Robin Farrell and former compliance officer Robert Addison in relation to regulatory action taken against them by the Financial Services Authority (FSA), starts today.
The pair appealed the FSA's £850,000 fine and its ban imposed on them in December 2012, saying the regulator's criticisms were "wrong" and that the FSA did "not understand the structure" of the Arch Cru fund range. They also claimed the FSA had approached the investigation "with a predetermined view as to alleged fault" and said they "look forward to set matters straight". Farrell and Addison will present their opening statements on Thursday following two days of 'reading' by the tribunal, the Financial Conduct Authority (FCA) has confirmed. The tribunal will then determine the app...
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