Carrimjee v FCA (UT) 20/10/16

The Upper Tribunal considered its jurisdiction under FSMA s. 133 (6) and (6A) in relation to a non-disciplinary reference, in circumstances where the FCA had decided to prohibit Mr Carrimjee pursuant to FSMA s. 56 from performing the compliance oversight (CF10) and the money laundering reporting (CF 11) significant influence functions. As to jurisdiction the Tribunal determined that it could consider evidence that was not before the FCA at the time of the decision on the reference and make findings of fact and law, but its task was then not to determine the matter, but to consider whether the decision was reasonably open to the FCA and if not, to remit the matter with a direction to reconsider the decision in light of those findings. In dismissing Mr Carrimjee’s reference, concluded that the Authority’s decision to impose a limited prohibition order on him was not affected by any improper considerations and the decision was one which it was reasonably open to the Authority to make.