The Financial Conduct Authority has called a High Court decision ‘incorrect and irrational’ as it seeks to appeal the judgment to not impose a disciplinary sanction on the director of a mortgage business.
Markos Markou was the sole director and shareholder of Financial Solutions (Euro) Limited (FSE), a small mortgage and insurance intermediary. An FCA investigation resulted in Markou receiving a £25,000 fine and the authority withdrawing approval for Markou to perform director and chief executive functions.
The FCA also made an order prohibiting Markou from performing any function in relation to regulated activities carried on by an authorised person, exempt person or exempt professional firm.
Markou. self-described as a 'businessman, voluntary charity worker, Litigation and property manager' and who ‘works part-time for AJ Angelo Solicitors’, argued against the 2021 decision notice to the Upper Tribunal sitting before Judge Rupert Jones and member Jo Neill.
In a 94-page judgment the tribunal directed the FCA to reconsider its decisions on whether only supervisory action is warranted and ‘whether to permit FSE to re-commence trading under his supervision’.
The ‘appropriate action’ is for the £25,000 financial penalty not to be imposed, the judgment states. It remitted the non-disciplinary sanctions back to the FCA and asked the authority to reconsider them.
In a short statement, released on the same day as the judgment, the FCA said: ‘The tribunal has published its decision in relation to our investigation into Mr Markos Markou. The FCA believes that the decision is incorrect and irrational. We will be seeking permission to appeal the decision.’
