Ex-Keydata compliance officer drops FCA ban appeal

He dropped his Upper Tribunal case

The Financial Conduct Authority (FCA) has banned former Keydata Investment Services compliance officer Peter Johnson from performing any function in relation to any regulated financial activity and publicly censured him after he dropped his appeal at the Upper Tribunal.

The regulator found Johnson had failed to act with integrity in his role and had misled the then regulator Financial Services Authority (FSA) on a number of occasions. Were it not for Johnson's serious financial hardship, the FCA would have fined him £200,000, it said. The regulator first indicated it planned to ban and fine Johnson alongside former Keydata chief executive Stewart Ford and former sales director Mark Owen in decision notices published on 26 May. All three contested the decision notices via the Upper Tribunal, however Johnson has now pulled out. Proceedings contin...