Arch's Farrell and Addison lose FCA tribunal case

Upper Tribunal Judge Timothy Herrington said in a judgement published on 19 January he had found "serious failings" in the pair's conduct, which warranted the regulatory fine imposed on them in December 2012. The Arch Cru funds, which were predominantly invested in Guernsey cell companies listed on the Channel Islands Stock Exchange - for which AFP was also the investment manager - were suspended in March 2009 as a result of liquidity concerns. They had invested in private market assets, such as private equity, private finance, hedge funds and other alternative asset classes. Farre...