Linear investments Limited entered into a Focused Resolution Agreement (FRA) with the FCA. This was subject to a public notification on the 27/09/2018.
The FRA concerned an agreement between Linear Investment Limited and the FCA regarding a failure to operate an adequate system of market surveillance during the material period. Whilst the facts were not disputed Linear had appealed the level of sanction awarded based upon the advice of both external Counsel and the Firms retained legal representatives. During this process Linear did receive additional recognition for the mitigation put in place by the senior management team prior to the FCA engagement but ultimately no additional recognition as a result of the hearing at the Upper Tribunal on the 09/04/2019.
Whilst the Firm still have the right to seek additional judicial review we have decided to accept this decision in order to focus our efforts on our clients and the future. The level of the sanction had always been factored into the Firms operational forecasts and will not impact the ability of the Firm to continue to service our clients to the level with which they have become accustomed or indeed to continue to meet all of our regulatory commitments.