Your IndustryNov 23 2015

FCA fines cherry-picker

Search supported by

The FCA has fined and banned a former Aviva Investors Global Services investment analyst for failing to act with honesty and integrity.

In a final notice from the FCA, the City watchdog announced it had fined Mothahir Miah £139,000 and banned him from performing any function in relation to any regulated activity in the financial services industry.

The FCA said Mr Miah had, between January 2010 and October 2012, exploited weaknesses in the trading systems and controls at Aviva Investors to delay the booking and allocation of trades and take advantage of price movements. This is an abusive practice known as cherry-picking.

Mr Miah agreed to settle at an early stage and qualified for a 30 per cent discount on the financial penalty, which would otherwise have been £198,600.