| Link(s): | CEO banned for false and misleading statements made in attempt to buy bank and football club | FCA Final Notice 2026: Paul Vincent Taylor Final Notice 2026: Esmeralda Toni |
Context
The FCA has banned and fined the former CEO and MD of Blue Horizon Asset Management (‘BHAM’) for serious misconduct. Paul Taylor, the former CEO, has been fined £489,000 and banned from working in financial services. The former MD of the firm, Esmeralda Toni, has also been fined £121,200 for serious misconduct and banned by the FCA. The FCA has concluded that they are not fit and proper persons.
Key points to note and next actions
- During his time at BHAM, Mr Taylor made misleading statements and falsified information during two separate attempted acquisitions.
- While attempting to acquire a UK bank, Mr Taylor falsified, or arranged to be falsified, documents claiming to be the owner of a bond portfolio worth approximately €200m. Ms Toni knowingly assisted Mr Taylor by making misleading statements to the bank and by helping falsify the documents. Mr Taylor knew, and Ms Toni understood that it was likely, that these statements and documents would be relied upon by the FCA and the PRA as part of their assessment for the proposed acquisition.
- Ms Toni was interviewed as part of BHAM’s internal investigation into the events. During the investigation, she denied providing misleading statements and the creation of false documents.
- On a separate occasion, Mr Taylor tried to acquire Reading Football Club. Mr Taylor made misleading statements, again falsely claiming to own the €200m bond portfolio to make the acquisition.
- The FCA found that Mr Taylor and Ms Toni acted dishonestly over an extended period. Their actions were intended to mislead BHAM colleagues, counterparties and regulators.
- Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, said that Mr Taylor and Ms Toni fell woefully short of the minimum expectation to be honest. She added that “they lied and lied again, first for commercial gain and then to cover their backs”. Chambers also stated that “they have no place in our industry”.