Michael Potts, managing partner at Byrne and Partners, advised the former JP Morgan Chase trader, Bruno Iksil, who will not be pursued by the Financial Conduct Authority over allegations of misconduct in relation to $6.2 billion (£4 billion) of trading losses. What were the main challenges in this case? The story of Bruno Iksil — “the London Whale” — had already been written in articles published in April 2012. The FCA began with the premise that he was a “rogue trader” and it was very challenging to persuade both the FCA and the regulatory decisions committee that this was not the case.

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