Context
The FCA has prohibited three individuals from working in the financial services industry following findings that they are not fit and proper. Each of the individuals concerned had been convicted of serious non-financial indictable offences while working in the financial services industry.
Key points to note
Mark Steward, Executive Director of Enforcement and Market Oversight, said:
‘The FCA expects high standards of character, probity and fitness and properness from those who operate in the financial services industry and will take action to ensure these standards are maintained.’
- All three individuals are prohibited from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm.
- The decision was made by the FCA’s Regulatory Decisions Committee.
- The individuals had the right to refer the matter to Tribunal, however the 28-day period in which a referral could be made has now passed.