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UK Innovative TI Ltd v The Financial Conduct Authority FS/2017/012…
UK Innovative TI Ltd v The Financial Conduct Authority
FS/2017/012
September 2015
Stargate applies to the FCA to appoint UK Innovative TI Ltd as an appointed representative
Application is blocked (neither approved or denied) by FSA
Application is put in long grass by FSA
FSA blocking UKITI without justifiable cause
Appointed representative application correspondence
Correspondence between the FCA, Stargate Capital Management Ltd/UK Innovative TI Ltd.
September 2015 to January 2017.
https://www.dropbox.com/s/rjff5n13zr8528s/Correspondence%20Stargate%2C%20UKITI%2C%20FCA%2C%20AR%20application.zip?dl=0
(nb - Compressed file, be sure to unzip/extract the folders inside before trying to open the files.)
2016
Appointed representative application
Throughout 2016, application is blocked (neither approved or denied) by FSA
Application is put in long grass by FSA
FSA blocking UKITI without justifiable cause
15 December 2016
Interrogation
The application to the FCA by Stargate to add UKITI as an appointed representative lasts 15 months
The application is stuck in the long grass, it is neither approved or rejected. The communications with the FCA become farcical
As part of the application, Iain Stamp is invited to attend an interview at the FCA
The 'interview' lasts four and a half hours it was an interrogation designed to entrap Iain Stamp. Much of it focused on Integrity and what Iain Stamp had learned about Integrity. The interrogation focused very little on UKITI and more on unregulated things Iain Stamp is doing and had done.
Partial interrogation transcript
The (small) section of the interrogation which focused on UKITI can be seen here,
https://www.dropbox.com/s/vkl4gg1oynsm9go/Call%20Transcript%20%283%29.pdf?dl=0
4 November 2016
Caroline Dinenage MP writes to Andrew Bailey, CEO of the FCA to raise concerns about the farcical process and length of time elapsed with the appointed representative application
9 December 2016
Reply from FCA CEO Andrew Bailey
https://www.dropbox.com/s/q2rq3av9g0q56rz/Andrew%20Bailey%20letter%20to%20Caroline%20Dinenage%20MP.pdf?dl=0
23 June 2017
Howard Kennedy letter to FCA Regulatory Transactions Committee
Stargate are forced to close FX Perpetual managed accounts
https://www.dropbox.com/s/502e3g5wqqgi8s5/Letter%20to%20Regulatory%20Transactions%20Committee%20on%2023-06-17.DOC?dl=0
21 June 2017
FCA issue a first supervisory notice to Stargate
The notice names UK Innovative TI Ltd
https://www.dropbox.com/s/w0llap3wbspyz8l/Re%20-%20Issued%20First%20Supervisory%20Notice.pdf?dl=0
29 June 2017
Howard Kennedy letter to FCA Regulatory Transactions Committee
Amongst other things, Howard Kennedy describe in detail all the reasons why UK Innovative TI Ltd is not performing regulated activities
https://www.dropbox.com/s/b0d4nebh7vlp7uq/Scan%20signed%20letter%20to%20RTC%2029.6.17%20%285%29.PDF?dl=0
Circa late June/early July 2017
The FCA replace the first supervisory notice to Stargate with a version that redacts UK Innovative TI Ltd's name
https://www.dropbox.com/s/3cs8msbr73gjvwl/stargate-2017.pdf?dl=0
2 August 2017
FCA Requests Stargate to Exclude UKITI Representations
See third paragraph
https://www.dropbox.com/s/7qvll94smk25dz9/Stargate%20Capital%20Management%20Limited%20-%20FCA%20response%2002.08.2017%20%283%29.pdf?dl=0
"Bad Faith" Misfeasance in public office
http://www.lawcom.gov.uk/app/uploads/2016/01/apb_tort.pdf
13 July 2017
UK Innovative TI Ltd libelled
Article published on Citywire as a result of the FCA publishing the first supervisory notice to Stargate which names UK Innovative TI Ltd
http://citywire.co.uk/wealth-manager/news/fca-restricts-fund-firms-permissions/a1032998
FX Perpetual and Stargate destroyed
As a result of the FCA's breach of process and acting in bad faith,
(i) Stargate is destroyed
(ii) FX Perpetual managed accounts are destroyed
(iii) UK Innovative TI Ltd is libelled
25 April 2017
Howard Kennedy complain to the FCA
The FCA's allegations are tantamount to accusing UK Innovative TI Ltd of breaching the general prohibition.
The FCA has no evidence to support its false allegation.
Howard Kennedy inform the FCA that closing FX Perpetual managed accounts will result in consumer detriment by clients losing money.
https://www.dropbox.com/s/6ctniarzppj3qk4/Scan%20Signed%20Letter%20FCA%2025.4.17%20%281%29.PDF?dl=0
2015
FX Perpetual managed accounts opened
Stargate is the investment manager appointed by the client by limited power of attorney
UK Innovative TI Ltd provides software licensing and administration services to Stargate
Hantec Markets Ltd is the FCA authorised broker.
February 2017
FCA starts a review of Stargate.
The FCA wants Stargate to submit to a s.166 review and VREQ which would involve Stargate imposing restrictions on their activities.