UT (Tax & Chancery) UT-2022-000134 UT-2022-000135 UT-2022-000137 - [2025] UKUT 00214 (TCC)

The Authority did not identify any aggravating or mitigating factors.

Mr George submitted that Mr Urra relied upon his cooperation during the investigation of the market abuse; and he has an exemplary disciplinary record.

The approach in DEPP is that there is a discretion as to whether to increase or decrease the amount of the financial penalty arrived at after Step 2 to take into account factors which aggravate or mitigate the market abuse. We have found that Mr Urra has not been the subject of any regulatory investigation or disciplinary sanction until the matters which are the subject of this reference. We accept that Mr Urra attended an interview with the Authority, in which he exercised his right to give a “no comment” interview. We are not persuaded that either of these matters merit any reduction in the amount of penalty.

Step 3 is therefore £223,440.

We consider that the figure of £223,440 is sufficient to deter Mr Urra, and others, from committing further or similar abuse. We do not increase the penalty at Step 4.