The Financial Conduct Authority (FCA) has finalized its enforcement action against Paul Taylor and Esmeralda Toni on 14 August 2023. The FCA has banned both individuals from working in financial services and imposed fines of £489,000 on Taylor and £121,200 on Toni for serious misconduct.
The FCA relied on section 66 of the Financial Services and Markets Act 2000 to impose financial penalties and section 56 of the same act to prohibit the individuals from regulated activities. The FCA found that both Taylor and Toni breached Individual Conduct Rule 1, which requires individuals to act with integrity.
The bans apply to Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM), and Esmeralda Toni, former managing director of BHAM. Their actions included falsifying documents and making misleading claims about owning a bond portfolio worth approximately €200 million during attempts to acquire a UK bank and Reading Football Club.
The FCA concluded that both individuals are not fit and proper persons to perform any function related to regulated activities. Taylor and Toni both qualified for a 30% discount under the FCA’s settlement procedures, reducing their penalties from £698,600 and £173,100, respectively.