Bruno Iksil Vindicated by Regulatory Decisions Committee

Jul 10, 2015

The FCA Enforcement Division (“Enforcement”) has failed to convince the FCA’s Regulatory Decisions Committee (“RDC”)  that Mr Iksil engaged in misconduct during his employment in the Chief Investment Office (“CIO”) at JPMorgan Chase Bank (“the Firm”).

Enforcement had maintained that Mr Iksil was knowingly concerned in breaches by the Firm of Principles 2 and 5 of the FCA Principles for Business, as described in the Final Notice issued against the Firm on 18 September 2013 as part of an agreed settlement between the Firm and the FCA.

Specifically, Enforcement argued that Mr Iksil was guilty of misconduct in connection with a failure to prevent and/or detect mismarking within the CIO business (Principle 2) and a failure to observe proper standards of market conduct in the CIO business (Principle 5).

After nearly three years investigating the case (during which time Mr Iksil fully co-operated with the process), Enforcement met with the RDC in April 2015, and failed to convince the RDC of their case. On 1 July, the FCA advised Mr Iksil that no action would be taken against him. This is following the fact that the U.S. Regulators also declined to bring a case against Mr Iksil.

In light of the termination of the FCA investigation, Mr Iksil is currently considering his position and rights. He remains a cooperating witness in ongoing US criminal and civil proceedings and will make no further comment at this time so as not to prejudice those proceedings.

Mr Iksil was represented by Michael Potts and Catherine Robinson of Byrne and Partners LLP, Raymond Silverstein of Browne Jacobson and Andrew Green QC and Paul Luckhurst of Blackstone Chambers.

Commenting on the case between FCA vs. Mr. Bruno Iksil, Michael Potts, Managing Partner for Byrne and Partners, who acted for Mr Iksil, said: “This has been a fascinating case to have been involved in. It is rare for the RDC to dismiss an FCA Enforcement case at this very initial stage of the disciplinary process although it is testament to the strength of my client’s response to the FCA’s allegations. Mr Iksil has fully co – operated throughout the FCA investigation and will continue to co-operate as a witness in the ongoing criminal and civil proceedings in the USA.

Ray Silverstein, employment partner at Browne Jacobson, said:

This is a tremendous victory for my client, Mr Bruno Iksil, who has been vindicated by the FCA without being required to attend a hearing.  It is simply outrageous that the FCA has refused our request for the reasons that lie behind its decision to abandon the investigation.

For more information, please contact Michael Potts.

Note: the RDC is a committee of the FCA Board. It is independent of the Enforcement Division and includes expert members with experience of working in senior positions in financial services. The RDC becomes involved after the Enforcement Division of the FCA has concluded that it is appropriate for the FCA to use particular powers against an individual. The Enforcement Division will submit its proposal and the supporting evidence to the RDC. The RDC will review the evidence and seek the views of the relevant individual before coming to a decision. See further: