Final Notice
On , the Financial Conduct Authority issued a Final Notice to Saranac Partners Limited Thomas Llewellyn Kalaris
FINAL NOTICE
6 September 2024
ACTION
1. By an application dated 21 September 2020 (“the Application”) Saranac Partners
Limited (“Saranac”) applied under section 60 of the Financial Services and
Markets Act 2000 (“the Act”) for approval of Thomas Llewellyn Kalaris (“Mr
Kalaris”) to perform the Senior Manager functions of SMF1 (Chief Executive
function) and SMF3 (Executive Director function).
SUMMARY OF REASONS
2. On 17 November 2022, the Authority issued Saranac with a Decision Notice (the
“Decision Notice”) which notified Saranac that the Authority had decided to refuse
the Application on the basis that it was not satisfied that Mr Kalaris is a fit and
proper person to perform the controlled functions to which the Application
related. The Authority took that decision because it considered there were
reasonable grounds for considering that in interviews with the Authority in
relation to two different investigations (the 2013 Interview and the 2014
Interview) Mr Kalaris failed to be open and cooperative and gave untrue and
misleading evidence and the Authority was therefore not satisfied as to his
honesty and integrity.
3.
The Decision Notice can be found on the Authority’s website:
4.
On 9 December 2022, Saranac referred the Decision Notice to the Tribunal.
5.
The written judgment of the Tribunal was released on 27 August 2024 (“the
Judgment”) and can be found on the Tribunal’s website:
6.
The Tribunal dismissed Saranac’s reference.
7.
The Judgment sets out fully the Tribunal’s reasons and should therefore be read
in full. Those reasons are incorporated herein by reference.
8.
The Tribunal found that in the 2013 Interview Mr Kalaris was not candid in his
answers to three of the questions asked by the Authority and that one of his
answers was dishonest (see paragraph 281). The Tribunal also found that Mr
Kalaris gave dishonest responses in the course of the 2014 Interview (paragraph
283).
9.
In light of the above, the Authority has issued this Final Notice confirming the
refusal of the Application.
10. This Final Notice is given under section 390 of the Act.
11. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Notice relates. Under those provisions,
the Authority must publish such information about the matter to which this Notice
relates as the Authority considers appropriate. The information may be published
in such manner as the Authority considers appropriate.
12. The Authority intends to publish such information about the matter to which the
Final Notice relates as it considers appropriate.
Authority contacts
13. For more information concerning this matter generally, contact Reece Brent, Lead
Associate, Authorisations Division at the Authority (direct line: 0207 066 0089/
email: Reece.Brent@fca.org.uk).
Emily Shepperd
Executive Decision Maker
Page 3 of 3
6 September 2024
ACTION
1. By an application dated 21 September 2020 (“the Application”) Saranac Partners
Limited (“Saranac”) applied under section 60 of the Financial Services and
Markets Act 2000 (“the Act”) for approval of Thomas Llewellyn Kalaris (“Mr
Kalaris”) to perform the Senior Manager functions of SMF1 (Chief Executive
function) and SMF3 (Executive Director function).
SUMMARY OF REASONS
2. On 17 November 2022, the Authority issued Saranac with a Decision Notice (the
“Decision Notice”) which notified Saranac that the Authority had decided to refuse
the Application on the basis that it was not satisfied that Mr Kalaris is a fit and
proper person to perform the controlled functions to which the Application
related. The Authority took that decision because it considered there were
reasonable grounds for considering that in interviews with the Authority in
relation to two different investigations (the 2013 Interview and the 2014
Interview) Mr Kalaris failed to be open and cooperative and gave untrue and
misleading evidence and the Authority was therefore not satisfied as to his
honesty and integrity.
3.
The Decision Notice can be found on the Authority’s website:
4.
On 9 December 2022, Saranac referred the Decision Notice to the Tribunal.
5.
The written judgment of the Tribunal was released on 27 August 2024 (“the
Judgment”) and can be found on the Tribunal’s website:
6.
The Tribunal dismissed Saranac’s reference.
7.
The Judgment sets out fully the Tribunal’s reasons and should therefore be read
in full. Those reasons are incorporated herein by reference.
8.
The Tribunal found that in the 2013 Interview Mr Kalaris was not candid in his
answers to three of the questions asked by the Authority and that one of his
answers was dishonest (see paragraph 281). The Tribunal also found that Mr
Kalaris gave dishonest responses in the course of the 2014 Interview (paragraph
283).
9.
In light of the above, the Authority has issued this Final Notice confirming the
refusal of the Application.
10. This Final Notice is given under section 390 of the Act.
11. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Notice relates. Under those provisions,
the Authority must publish such information about the matter to which this Notice
relates as the Authority considers appropriate. The information may be published
in such manner as the Authority considers appropriate.
12. The Authority intends to publish such information about the matter to which the
Final Notice relates as it considers appropriate.
Authority contacts
13. For more information concerning this matter generally, contact Reece Brent, Lead
Associate, Authorisations Division at the Authority (direct line: 0207 066 0089/
email: Reece.Brent@fca.org.uk).
Emily Shepperd
Executive Decision Maker
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