The Financial Conduct Authority (FCA) has today fined Mothahir Miah, a former Investment Analyst at Aviva Investors Global Services Limited (Aviva Investors), £139,000 and banned him from performing any function in relation to any regulated activity in the financial services industry for failing to act with honesty and integrity.
At Aviva Investors Mr Miah had authority to trade on behalf of hedge and long-only funds. Between January 2010 and October 2012, Mr Miah exploited weaknesses in the trading systems and controls at Aviva Investors in order to delay the booking and allocation of trades. Mr Miah’s actions contributed to Aviva Investors having to pay significant compensation to a number of long-only funds. The FCA fined Aviva Investors £17.6 million in relation to its failings on 24 February 2015.
Fine
Mr Miah agreed to settle at an early stage of the FCA’s investigation and therefore qualified for a 30% (Stage 1) discount. Were it not for this discount, the financial penalty would have been £198,600. The financial penalty would have been higher had it not been for Mr Miah’s very early admissions and level of co-operation. Mr Miah’s early admissions and expression of remorse also mean that the FCA is minded to revoke Mr Miah’s ban from performing any regulated activity after five years upon his application.
