Arch tribunal: Lawyers cite directors' lack of experience for problems

Farrell and Addison strongly deny acting "without integrity" when managing the Arch Cru fund range, as their appeal of a Financial Services Authority (FSA) ban and fine began in the Upper Tribunal on Thursday. The FSA banned and fined Farrell and Addison £650,000 and £200,000 respectively for "recklessly" mismanaging conflicts of interest in four investments during Arch Financial's management of the funds between July 2006 and March 2009. Representing the Financial Conduct Authority (FCA), Monica Carss-Frisk QC of Blackstone Chambers claimed Arch's structure, which saw AFP act as inve...