Charles Anthony Llewellen Palmer
19 September 2017
1. For the reasons given in this notice, the Authority hereby:
imposes on Mr Charles Palmer a financial penalty of £86,691 for breaching
Statement of Principle 6 of the Authority’s Statements of Principle for
Approved Persons; and
makes an order prohibiting Mr Palmer from performing any significant
influence function in relation to any regulated activities carried on by any
authorised or exempt person or exempt professional firm. This order
takes effect from 19 September 2017.
REASONS FOR THE ACTION
2. The Authority gave Mr Palmer a Decision Notice on 25 September 2015, which
notified him that it had decided to:
make an order pursuant to section 56 of the Financial Services and
Markets Act 2000 (“the Act”) prohibiting Mr Palmer from performing any
significant influence function in relation to any regulated activity carried on
by any authorised or exempt person or exempt professional firm; and
impose on Mr Palmer a financial penalty of £86,691, pursuant to section 66
of the Act for breaching Statement of Principle 6.
3. On 22 October 2015, Mr Palmer referred that Decision Notice to the Upper
Tribunal (Tax and Chancery Chamber) (“the Tribunal”). The written decision of
the Tribunal was released on 8 August 2017 and can be found on the Tribunal’s
4. The Tribunal determined that Mr Palmer failed to act with due skill, care and
diligence in breach of Statement of Principle 6 and upheld the Authority’s decision
to impose a financial penalty of £86,691.
5. The Tribunal dismissed Mr Palmer’s reference in respect of the Authority’s
decision to make a prohibition order against him and directed that it was open to
the Authority to make such a prohibition order against him. As a consequence,
pursuant to section 56 of the Act, the Authority has decided to make a prohibition
order against Mr Palmer, prohibiting him from performing any significant influence
function in relation to any regulated activities carried on by any authorised or
exempt person or exempt professional firm on the grounds that he is not a fit and
proper person to perform significant influence functions.
6. In light of the above, the Authority has issued this Final Notice.
7. This Final Notice is given under, and in accordance with, section 390 of the Act.
Manner of and time for Payment
8. The financial penalty must be paid in full by Mr Palmer by no later than 14 days
from the date of this notice.
If the financial penalty is not paid
9. If all, or any, of the financial penalty is outstanding beyond the due date, the
Authority may recover the outstanding amount as a debt owed by Mr Palmer and
due to the Authority.
10. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this notice relates. Under those
provisions, the Authority must publish such information about the matter to which
this notice relates as the Authority considers appropriate. The information may
be published in such manner as the Authority considers appropriate. However,
the Authority may not publish information if such publication would, in the opinion
of the Authority, be unfair to Mr Palmer or prejudicial to the interests of
consumers or detrimental to the stability of the UK financial system.
11. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
12. For more information concerning this matter generally, contact Paul Howick (020
7066 1338) or Skye Roberts (020 7066 0622) at the Enforcement and Market
Oversight Division of the Authority.
Enforcement and Market Oversight Division