Hedge fund manager Steve Cohen’s return to UK investing has faced a setback after the Financial Conduct Authority (FCA) blocked Cohen’s hedge fund Point72 from accepting outside investor money in Britain.

According to a report by The Financial Times, the move was taken as the FCA deemed Cohen as not “fit and proper”.

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Cohen was restricted from managing third-party funds for two years after his US-based hedge fund SAC Capital pleaded guilty to insider trading in 2013 and was fined $1.8bn.

The ban expired in January this year, though Cohen never admitted any personal wrongdoing.

He had since then been managing his money through Point72, which launched to outside investors in the US.

The latest decision marks the second time Cohen’s return to UK hedge fund investing has been blocked by the FCA.

Last year, Cohen withdrew the application after the British financial regulator indicated that the attempt would not be successful.