Arch's Farrell disappointed by 'regrettable' Tribunal ruling

Arch Financial Products (AFP) chief executive Robin Farrell and former compliance officer Robert Addison have said they are "disappointed" with an Upper Tribunal decision to uphold a regulatory ban and fine against them, but felt "vindicated" by parts of the judgement.

In a ruling issued on 19 January, Tribunal judge Tim Herrington upheld a Financial Services Authority (FSA) decision from 2012 to ban and fine the pair £850,000, for "recklessly" mismanaging conflicts of interest while in charge of the Arch Cru funds. He said the pair had failed to act with integrity and "can no longer be regarded as fit and proper persons to be involved in any regulated activities". Farrell and Addison had taken their case to the Upper Tribunal last May in a bid to overturn the FSA's initial ruling. They will be fined £650,000 and £200,000 respectively within the ...