Tribunal upholds FCA's partial ban of fund manager

Carrimjee was an investment and fund manager who held senior positions at Somerset Asset Management and was responsible for compliance oversight. The tribunal's decision was issued following a hearing in September 2016. In an earlier decision issued on 4 March 2015, the tribunal found Carrimjee had "failed to act with due skill, care and diligence" in failing to "escalate" the risk one of his clients might have been intending to engage in market manipulation. The tribunal said this risk should have been apparent to Carrimjee and imposed on him a penalty of £89,004. The tribunal also...