The FCA has on 13 March 2019 published a Final Notice imposing a financial penalty of £29,107,600 (after discount) on Carphone Warehouse.
The decision followed a contested RDC hearing on penalty only, the facts and liability having been agreed pursuant to a focussed resolution agreement. The decision is therefore the first substantial matter resolved by the RDC adopting the new FRA procedure. The decision is also significant in its approach to determining the Firm’s relevant revenue, which is a key component of the penalty calculation, in particular as to the link between relevant revenue and gross written premium for the relevant insurance sales.
Javan Herberg QC acted for Carphone Warehouse.
The Final Notice is here