Kristo Käärmann

The Financial Conduct Authority fined Kristo Käärmann £350,000 for breaching senior manager conduct rules by failing to notify the FCA of his significant tax issues for over seven months between February and September 2021. The FCA said his approach was 'careless rather than deliberate or reckless' but prevented real-time assessment of his fitness and propriety. He received a 30% discount for agreeing to settle. The FCA made no adverse findings on his fitness to continue in his roles.

Kristo Käärmann was fined by HM Revenue & Customs for deliberately failing to notify them of a capital gains tax liability after selling shares worth approximately £10 million in September 2017. Despite multiple HMRC communications in 2019 and 2020, he failed to respond. He was added to HMRC's public tax defaulters list in September 2021. The fine was for either intentionally submitting incorrect documents or deliberately failing to provide correct information.