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Watchdog seeking bans on AFP management
THE CITY watchdog said yesterday it was looking to ban the chief executive of Arch Financial Products (AFP) from working for regulated companies.
The Financial Services Authority (FSA) said that bosses at the investment manager had failed to disclose conflicts of interest when managing the now-suspended Arch Cru. It claims that Arch Cru funds had been used for investments that could have benefited AFP.
The FSA is looking to ban chief executive Robin Farrell and fine him £650,000, as well as slapping chief operating officer Robert Addison with a similar ban and smaller fine.
Farrell and Addison, who deny the charges, are fighting the claims and a tribunal will hear the case.