Upper Tribunal backs £400k FCA fine on Linear Investments

The FCA issued a decision notice on the firm in June 2018 after accusing it of breaching rules between January 2015 and August 2015. The FCA said Linear did not appreciate the need to undertake its own surveillance based on the information available to the firm and opted to impose the six figure fine. The FCA said the firm "mistakenly" believed that it could rely upon post-trade surveillance undertaken by the brokers through which it executed transactions. The regulator said Linear failed to "take reasonable care to organise and control its affairs responsibly and effectively to ensur...