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Release Date: 18th March 2015

To access the original FCA document, click here.


The Upper Tribunal upheld the Financial Conduct Authority’s (FCA) decision to fine and ban Alberto Micalizzi, the former CEO of Dynamic Decisions Capital Management Limited (DDCM), for failing to act with integrity. Micalizzi was fined £2.7 million and received a full prohibition from performing any function in the financial services industry.

Key Points:

Misconduct Details:

FCA’s Position:

The FCA highlighted Micalizzi’s systematic deception and his attempts to cover up the Fund’s losses as serious breaches of integrity. The Tribunal noted that Micalizzi appeared superficially plausible but was found to be dishonest and misleading upon deeper analysis.

Tribunal’s Conclusion:

The Tribunal emphasised the importance of the FCA’s power to prohibit individuals from performing any function in the financial services industry as a critical tool for protecting consumers and ensuring the integrity of the financial system.

Key Takeaways for Other Firms:

This case serves as a stern reminder of the FCA’s commitment to upholding market integrity and the severe consequences for those who attempt to deceive investors and regulators.

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