Ex-Julius Baer employees win appeal over British ban

Three former employees of Bank Julius Baer on Tuesday won an appeal against a proposed lifetime ban from Britain’s markets watchdog on working in finance.

The Financial Conduct Authority (FCA) fined the Swiss private bank’s London-based subsidiary in November for facilitating finder’s fees – a type of commission – between Bank Julius Baer and an employee at bankrupt Russian oil group Yukos Group.

The FCA also proposed that three former Bank Julius Baer employees be banned from working in finance, including Julius Baer’s former regional head Gustavo Raitzin, for allegedly failing to act with integrity.

He and two others appealed against the proposed bans to the Upper Tribunal in London, which on Tuesday allowed the trio’s appeals.

The tribunal sent their cases back to the FCA to reconsider whether a ban should be imposed, noting that all three had “demonstrated varying degrees of a lack of competence and capability”.

But, Judge Timothy Harrington said, it would be “irrational” for the FCA to impose a full or partial ban on the grounds that the three former employees acted without integrity.

Raitzin said in a statement: “My position has been fully vindicated. It is regrettable that it has taken so long for justice to prevail.”

The FCA did not immediately respond to a request for comment.