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UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)
Fecha: 10-Jul-2024
The Saranac assessment
The Saranac assessment
The Saranac assessment concluded that Mr Kalaris was fit and proper based on:
his compliance with the restrictions imposed on him by the Authority in the period up to March 2020;
training he had carried out since he set up Saranac;
the standing and reputation of Saranac’s non-executive directors (“NEDs”);
Mr Kalaris’s work while at Saranac;
his experience in the financial services industry over four decades; and
Saranac’s view that Mr Kalaris’s conduct during the 2013 and 2014 Interviews “does not negatively impact his fitness and properness”.
We consider all but the last of those points below. We have disregarded Saranac’s view as to Mr Kalaris’s conduct during the Interviews, because we have already made our own findings on those matters.
- Heading
- Introduction and Summary
- The Barclays references
- The Tribunal’s view
- Subsequently
- Legislation, case law and the Handbook
- The legislation and related case law
- The Handbook
- The Decision Notice
- Evidence
- The evidence on the capital raising issue
- Mr Beauchamp
- Mr Tinney
- Mr Perry
- Mr Mason
- Mr Biesinger
- Findings of fact
- Mr Kalaris
- Capital raising, GenVen and the Interviews
- The criminal proceedings
- Saranac
- The SWF initiative
- The economic situation
- The ASA
- The link between the ASA and the capital raising
- The text of the ASA
- The Prospectus
- The second capital raising and PCP
- The 2013 Interview
- What Mr Kalaris knew
- What the Authority knew
- What Mr Kalaris believed about the Authority’s knowledge
- Mr Kalaris’s responses relied on by the Authority
- Question 1: The “genesis of the agreement”
- Q1: The Authority’s position
- Who came up with the idea?
- The two paths
- Strategic relationship
- Unnecessary?
- The Tribunal’s findings
- Question 2: the purpose
- Q2: The Authority’s position
- Q2: Saranac’s position
- Q2: The Tribunal’s findings
- Question 3: the calculation
- Q3: The Authority’s position
- Q3: Saranac’s position
- Q3: The Tribunal’s findings
- Question 4: connection
- Q4: Saranac’s position
- Q4: The Tribunal’s findings
- Motive?
- Overall conclusion on the 2013 Interview
- THE 2014 INTERVIEW
- The culture at Barclays Wealth Americas
- The cultural audit
- The pre-meeting communications
- Briefing and the subsequent meetings
- Ms Hilgart
- The Cultural Workshop
- The Whistleblower email
- The Fed update
- The 2014 Interview
- The position of the parties
- Discussion and consideration
- The briefing on 30 March 2012
- The meeting on 5 April
- The meeting on 10 December 2012
- The weekend of 14-15 December 2012
- Overall findings
- OTHER FINDINGS
- The other evidence
- The Saranac assessment
- The personal references
- The capital raising and the GenVen Report
- Financial services experience
- Mr Kalaris’s approach to regulatory requirements in the past
- Compliance with restrictions
- Training
- The standing of the NEDs
- Mr Elliott
- Mr Neilly
- The Tribunal’s conclusion
- Conclusions