Regulator defies Tribunal over 'irrational' ban of compliance officer

The regulator decided to ban Tariq Carrimjee, former compliance oversight officer at Somerset Asset Management, and fine him £89,000 after it ruled he had assisted an investor in a fraudulent trade in 2010. In particular, the FCA had prohibited Carrimjee from performing the compliance oversight and money laundering reporting functions. But when Carrimjee appealed his ban with the Upper Tribunal it asked the FCA to reconsider its decision, saying it had not found he had failed to act with integrity.   'One-off case' Carrimjee was part of a group of people involved in what the r...