Financial Conduct Authority v Bruno Iksil

The FCA’s Regulatory Decisions Committee (“RDC”) has dismissed allegations of misconduct against Bruno Iksil related to his involvement in what became known in the press as the “London Whale” trades.

The FCA Enforcement Division had contended that Mr Iksil was knowingly concerned in a failure by JP Morgan Chase to prevent or detect mismarking (in breach of Principle 2 of the FCA Principles for Business) and a failure to observe proper standards of market conduct (in breach of Principle 5).

The RDC’s decision to dismiss the FCA Enforcement case in its entirety reflected the strength of Mr Iksil’s response to the allegations made against him.

Andrew Green QC and Paul Luckhurst acted for Mr Iksil.