![UT-2022-00097 - [2024] UKUT 00352 (TCC)](https://backend.juristeca.com/files/emisores/logo_ICfrj4g.png){kind=logo}
Step 1: Disgorgement
Step 1: Disgorgement
The FCA will seek to deprive a firm of the financial benefit derived directly from the breach (which may include the profit made or loss avoided) where it is practicable to quantify this. The FCA will ordinarily also charge interest on the benefit.
- 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