Laura WilesThe Upper Tribunal has published its decision refusing to make non-publication orders in respect of the FCA’s decision notices against Kasim Garipoglu and his firm GKPay.
Mr Garipoglu argued that the FCA was not entitled to issue a prohibition order because he posed no risk to consumers or the financial system, and also alleged procedural irregularity, including claims of bias within the Regulatory Decisions Committee of the FCA.
The Upper Tribunal concluded that Mr Garipoglu had not demonstrated a real need for privacy or produced evidence that publication of the Decision Notice would result in unfairness or unproportionate damage. Importantly, reputational harm or the applicant’s mere desire to keep findings private did not meet the threshold for justifying non-publication,
The judgment was made in October 2025, and the FCA published details of its ban on Mr Garipoglu from working in financial services earlier this month. The regulator had found that he had repeatedly disregarded regulatory requirements, undermining compliance and AML controls at his firm, and encouraged serious misconduct among colleagues.