This case is interesting in its own right. It also highlights an increasing trend for individuals to challenge findings made against them by the FCA.
Many firms decide to settle with the FCA at an early stage of the enforcement process. There are powerful incentives for doing so, including a substantial discount on the level of fine and avoiding the additional publicity of a contested hearing.
The dynamic is different for individuals especially for those who have been prohibited from taking up any role in the financial services sector. For these individuals, they must either challenge the FCA or completely change their career. We are starting to see a lot more challenges to the FCA from individuals.
There are likely to be more serious findings against individuals as a result of the introduction of the senior managers regime, so expect this trend to continue.
Ex-Barclays executive challenges FCA censure