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Conclusions
Conclusion
We have determined that the appropriate figure in respect of the disgorgement figure to be calculated by the application of Step 1 is £140,912.53 and that in respect of the penal element to be calculated by the application of Steps 2 to 5 is £148,050. Accordingly the total financial penalty is £288,962.53.
Directions
We determine that the appropriate action for the Authority to take in relation to this reference is to impose on the Applicant a financial penalty of £288,962.53. Our decision is unanimous.
We remit the reference to the Authority with the direction that effect be given to our determination.
TIMOTHY HERRINGTON
UPPER TRIBUNAL JUDGE
Release date: 12th November 2024
- Heading
- Introduction
- Applicable law and regulatory provisions
- Step 1: Disgorgement
- Step 2: The seriousness of the breach
- Step 3: Mitigating and aggravating factors
- Step 4: Adjustment for deterrence
- Step 5: Settlement Discount
- Evidence
- Findings of Fact
- Background
- The Solo Business
- Onboarding of the Solo Clients
- Client Categorisation
- Transaction monitoring
- Regulatory Failings
- Assessment of the financial penalty
- Step 1 – disgorgement
- Steps 2 to 5 - General
- Step 2 - The seriousness of the breach
- Step 3 - Mitigating and aggravating factors
- Step 4 - Adjustment for deterrence
- Step 5
- Conclusions