The Financial Services Authority has for the first time ever barred a compliance officer from working in the financial services industry.

The UK's securities watchdog says that Sandradee Joseph, a compliance officer for Dynamic Decisions Capital Management in London, did not protect the interests of hedge fund investors. Joseph was also fined $22,000 for not acting on concerns raised by investors and the hedge fund's broker about an investment made by a senior employee which the FSA says was of "doubtful governance and legitimacy."

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