FinesFSMA
Arian Financial LLP
FRN 4152309 January 2025Fine · £288,963
01 · In plain English
What happened.
The FCA found that Arian Financial LLP failed to have effective anti‑financial‑crime systems and controls between 29 January 2015 and 29 September 2015, putting the firm at risk of being used to support fraudulent trading and money‑laundering for clients of four authorised entities (the Solo Group). The FCA imposed a financial penalty but Arian admitted liability and referred the proposed fine to the Upper Tribunal; the Tribunal decided on 11 November 2024 to reduce the FCA’s penalty from £744,745 to £288,962.52, and the FCA’s Final Notice took effect on 9 January 2025. (Principle 2 requires firms to conduct business with due skill, care and diligence; Principle 3 requires firms to take reasonable care to organise and control their affairs with adequate risk management and systems.)
Summary generated from the FCA notice and press reports. Check the final notice below before relying on it.
02 · Enforcement details
What the FCA register says.
The Financial Conduct Authority (the FCA) has imposed a financial penalty of £288,962.53 on Arian Financial LLP (Arian). The reason for this action is because between 29 January 2015 and 29 September 2015 the FCA considers that Arian breached Principles 2 and 3 by failing to ensure it had in place effective systems and controls against financial crime. This put Arian at risk of being used to support fraudulent trading and money laundering on behalf of clients of four authorised entities known as the Solo Group. Arian admitted liability for these breaches but referred the FCA’s proposed fine to the Upper Tribunal. The Tribunal issued its decision on 11 November 2024, determining that the FCA should reduce its penalty from £744,745 to £288,962.52, reflecting a reduction in two elements of the FCA’s 5 step penalty calculation. The Tribunal decision can be accessed using the following link: https://assets.publishing.service.gov.uk/media/673de83f59aab43310b95943/Arian_Financial_decision_for_release.pdf The FCA's action took effect on 9 January 2025 and a copy of the Final Notice, which sets out the reason for the action, is displayed on the FCA's website and can be accessed using the following link:
03 · Firm details
Firm on the FCA register.
- Firm name
- Arian Financial LLP
- Firm reference number
- 415230
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