Why acquitted ex-Barclays Wealth boss still faced FCA CEO ban

Thomas Kalaris was cleared of fraud charges in 2020

clock • 6 min read

Former Barclays Wealth CEO Thomas Llewellyn Kalaris was acquitted of fraud charges in 2020, but he has nevertheless been barred from serving as CEO or executive director of his wealth management business Saranac Partners. Here's why.

The Upper Tribunal (Tax and Chancery Chamber) on Tuesday (27 August) upheld a Financial Conduct Authority (FCA) ban preventing Kalaris from performing chief executive and executive director senior manager functions at Saranac, which he founded in 2015. Kalaris was in 2020 acquitted of fraud charges brought following a Serious Fraud Office (SFO) investigation into Barclays. That same year, he sought to be made CEO and executive director at Saranac. However, the FCA moved to prevent this. A 2022 decision had been subject to appeal until earlier this week. The FCA's argument for banning ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

FSCS declares two firms in default over pension advice

FSCS declares two firms in default over pension advice

Both businesses are no longer trading

Isabel Baxter
clock 12 September 2024 • 1 min read
Four individuals face FCA ban and fine over pension transfer advice

Four individuals face FCA ban and fine over pension transfer advice

Regulator seeks collective £590,544 fine over ‘reckless disregard’

Isabel Baxter
clock 09 September 2024 • 2 min read
CII on the hunt for executive directors

CII on the hunt for executive directors

One appointee will help ‘build and maintain public trust’

Isabel Baxter
clock 06 September 2024 • 1 min read