FSA moves to ban and fine 'reckless' Arch cru directors

The Financial Services Authority (FSA) has moved to ban and fine Arch Financial Products (AFP) directors Robin Farrell and Robert Addison for failings related to the management of the Arch cru fund range.

AFP, Farrell and Addison have referred the matters to the Upper Tribunal where they and the FSA will each present their case. The Tribunal will then determine the appropriate action for the FSA to take. The Tribunal may uphold, vary or cancel the FSA's decisions, and will make its decision public on its website. The FSA's Decision Notices, which reflect the FSA's belief as to what occurred and how the behaviour concerned is to be characterised, set out that the FSA has decided to bank Farrell and Addison from performing any role in regulated financial services. It also resolved to ...