Craig Beevers Statement re FMSB Claim


Mr Craig Beevers, responding to last Friday evening’s Employment Tribunal ruling in respect of FICC Market Standards Boards (FMSB’s) strike-out application, which was rejected said:

“I welcome this ruling which allows my case against the FMSB, Mr Mark Yallop, Mr Charles Nicols and Mr Stephen O’Connor to proceed to a full trial.

“I remain resolute in my determination to expose extraordinary governance failings and various improper shenanigans at the head of what purports to be a body established to set standards of good practice for the wholesale fixed income market.

“I maintain I was ousted after being subjected to unreasonable and inappropriate pressure to withdraw from giving expert evidence in a case against FMSB member Deutsche Bank, and then blowing the whistle over that pressure. I will be asserting at trial that I (and others) were clearly told by the Chairman, Mark Yallop, that there was no conflict between my role as an expert witness to the court and my position at FMSB. My expert witness work was known to, and permitted by, the FMSB. There can be no conflict of interest in my offering reasoned witness testimony about market practice no matter the parties to a case: after all, the Board is supposed to operate for the good of the market, not simply for the interests of its bank members.

“Blowing the whistle on misconduct can feel like an isolating endeavour. However, I believe I will be far from alone in decrying the behaviour of the Board’s management when the full facts come to light at trial.”


Notes to Editors

Mr Beevers’ claim was filed in July 2019 at London Central Employment Tribunal. The Respondents’ strike-out application was heard on 9, 10 & 13 January 2020. The decision on this application was handed down on Friday 15 May.

Mr Beevers is represented by Fox Williams LLP (Partner Jane Mann and Associate Ed Livingstone) and by Counsel Alice Mayhew of Devereux Chambers.

The case will now go to full trial at London Central and is listed for January 2021.

18th May 2020

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