Employment Tribunal decides adverse credibility findings by a judge are enough to justify dismissal of an employee subject to the FCA’s approved person regime

On 30 November 2018, the Employment Appeals Tribunal decided in Radia v Jefferies International Limited [2018] UKEAT 0123_18_3011 that a firm regulated by the UK Financial Conduct Authority (the FCA) was entitled to dismiss an equity research analyst for not being a “fit and proper person” under the FCA’s approved persons regime after an employment tribunal expressed the view the analyst lacked credibility as a witness.

The Employment Tribunal “made adverse findings about the Claimant’s credibility” and “found that the Claimant’s evidence was “not credible in many respects” and “on lots of occasions evasive” and that he had not told the truth or had misled the” Tribunal.  These findings were enough, the Employment Appeals Tribunal said, to justify the analyst’s dismissal (and it was not necessary to prove dishonesty).