FCA bans FX trading firm owner

The FCA has banned Kasim Garipoglu from working in financial services. He had been chief executive and director of his firm for 10 years until December 2022. During that time, the FCA said he repeatedly disregarded regulatory requirements, undermined compliance and AML controls and encouraged serious misconduct among his colleagues. It said he repeatedly overruled advice that he was acting in breach of requirements and appeared to consider regulatory fines a risk worth taking for commercial gain. He falsified documents, and at one point asked his staff to take an AML test for him.

The FCA noted that Mr Garipoglu had deliberately obstructed the work of regulators during the investigation, and tried to oppose the ban and prevent its publication, trying to make both Tribunal and Court of Appeal references – both of which were struck out.

The FCA was not able to impose a fine because of the length of time since Mr Garipoglu was an approved person.