An FCA decision to fine an investment and fund manager nearly £90,000 has been upheld by The Upper Tribunal.
Tariq Carrimjee of Somerset Asset Management LLP was given a penalty of £89,004 originally by the regulator.
Mr Carrimjee, an investment and fund manager, held senior positions at Somerset at the relevant time and was responsible for compliance oversight.
The tribunal found that Mr Carrimjee's failings "were serious and that a significant financial penalty was appropriate", the FCA said.

{desktop}{/desktop}{mobile}{/mobile}

It remains open to the parties to appeal this judgment.
The FCA said in a statement today: "The tribunal found that Carrimjee failed to act with due skill, care and diligence in failing to escalate the risk that his client, Rameshkumar Goenka, might have been intending to engage in market manipulation, and that this risk should have been apparent to Carrimjee."
In November 2011 Mr Goenka was fined about £6 million for market abuse.
Mr Davis, the senior partner and compliance officer at Paul E Schweder Miller & Co and Vandana Parikh, the broker at the same firm who executed the trades, were fined £70,258 and £45,673 in July 2012 and August 2013, respectively.
The FCA concluded that Parikh "failed to act with due skill, care and diligence by explaining the process of manipulation to Goenka without recognising the risk that this posed and without proper challenge or enquiry as to his intentions".
The tribunal did not uphold the FCA's decision that Mr Carrimjee had acted without integrity.