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Enforcement Watch Roundup

Issue 39: January 2023

Enforcement Watch Roundup

Editor's Note

Adam Epstein - Mishcon de Reya

From a machete assault to an IT meltdown, there are plenty of enforcement cases to choose from in this round up. And in On the Horizon, there's a summary of an interesting FCA paper on proposed rules for sustainable disclosure requirements and investments labels, which will no doubt inform the future landscape on the topic.

Read the full note

Enforcement Highlights

News
people's hands in corporate meeting

FCA non-financial misconduct Final Notice shows character is crucial

On 14 November 2022, the Financial Conduct Authority (FCA) published a Final Notice against Ashkan Zahedian following his conviction for serious violent offences. The Final Notice withdraws Zahedian's approval to perform a Senior Management Function and prohibits him from working in the financial services industry in the future.

News
Abstract architecture

The issues that arise where one Final Notice is settled before others

The FCA published a Final Notice on 30 November 2022 against Julius Baer International Limited (JBI), an investment advisory and wealth management firm. It fined JBI just over £18m for breaches of Principles 1, 3 and 11 between March 2007 and March 2014. The financial penalty was subject to a discount because JBI settled the matter. Without that discount, the financial penalty would have been just under £24.5m.

On the Horizon

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