The firm and FCA declined to comment to this publication when contacted. A report originally appeared in the Financial Times.

This news service understands that the reports of the FCA’s stance are accurate.

Cohen’s firm, which used to be called SAC Capital Advisors, pleaded guilty to securities fraud in 2013. Cohen turned the firm into a family office – a step taken by other hedge fund tycoons who stopped managing outside money to avoid coming under the SEC’s umbrella. SAC paid a $1.8 billion fine. Cohen was not charged with any offences.

This publication interviewed the firm about its work in improving compliance and processes here.