The ruling reiterates that the regulator will act to kick out people from the industry if they fail to conduct themselves in line with regulations, officials said.
The Upper Tribunal upheld the decision of the FCA to issue a public censure against AFP and to bar Robin Farrell, its chief executive, and Robert Addison, a senior partner and former compliance officer, from performing any role in regulated financial services.

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Penalties of £650,000 and £200,000 have been imposed on Mr Farrell and Mr Addison respectively. The tribunal, an independent judicial body, also upheld the FCA's decision that it would have fined Arch £9 million for its misconduct, were it not for the firm's financial position.
However, the tribunal did not uphold the FCA's findings about "the liquidity and spread of risk in the CF Arch cru funds managed by Arch".
The judgment has been made after a hearing during May 2014. It remains open to the parties to appeal this judgment.
In its judgment, the tribunal stated there had been "serious breaches" which were "repeated and prolonged".
The tribunal "found serious failings to act with integrity on the part of Mr Farrell and Mr Addison" and said they "can no longer be regarded as fit and proper persons to be involved in any regulated activities."
It stated: "We characterise the failures with regard to the management of conflicts of interest generally and in respect of the four transactions as being particularly serious.
"The failings demonstrated fundamental flaws in AFP's business model which allowed it to take a position of trust as a fiduciary and a manager of large amounts of money raised from retail investors without any proper thought being given as to how to establish effective arrangements for conflict management in light of AFP's different business strands."
Arch released a statement in response to the ruling: "Naturally we are very disappointed with the tribunal's decision on conflicts but have been vindicated on liquidity management and prudent spread of risk.
"The findings are regrettable but show that Arch was not responsible for the investor losses resulting from the March 2009 suspensions.
"Whilst finding a lack of so-called integrity, it is notable that the tribunal did not find any deliberate or dishonest behaviour."  

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