Request a Demo Today

Release Date: 28th November 2016

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Tariq Carrimjee £89,004 for breaching Statement of Principle 2, which pertains to acting with due skill, care, and diligence. Additionally, Mr Carrimjee has been prohibited from performing compliance oversight (CF10) and money laundering reporting (CF11) functions in any regulated activity.

Mr Carrimjee, formerly authorised as an individual with oversight responsibilities, was found by the FCA and the Upper Tribunal to have failed in his duties between 26 March 2013 and 16 August 2012. The Tribunal upheld the FCA’s decision to impose the financial penalty but did not find him in breach of Statement of Principle 1, which involves acting with integrity.

Key Takeaways for Other Firms:

In conclusion, the FCA’s action against Tariq Carrimjee underscores the importance of diligence and transparency in compliance roles. Firms must ensure robust oversight mechanisms and transparent dealings with regulators to avoid similar penalties.

Back to the Dear CEO letter archives.