JBI agreed to settle all issues of fact and partially agreed liability with the FCA at an early stage so qualified for a discount. Without this, the fine would have been £24.5mn.
Whitestone, Seiler and Raitzin have all referred their decision notices to the Upper Tribunal, which will then determine whether to dismiss the cases, or remit them to the FCA with a direction to reconsider and reach a decision in accordance with the findings of the Upper Tribunal.
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The findings published by the FCA are therefore provisional, and reflect what the regulator believes occurred.
sally.hickey@ft.com
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