Kristo Käärmann—Fined £350,000 by FCA for failing to notify regulator of tax default for 7 months
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.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.147 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.59)× agency (compelled ×0.25)
Evidence (1 signal)
Fined £350,000 by FCA for failing to notify regulator of tax default for 7 months
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.