Context
The FCA has published a Decision Notice in respect of the Director and Chief Executive of a mortgage broker firm. The FCA considers that Mr Markou is not a fit and proper person and has withdrawn his approval to perform his current senior management functions, made an order prohibiting him from performing any functions in relation to any regulated activity and imposed a penalty of £25,000.
Key points to note
- It has been found that between 2015 and 2017 he did not have appropriate oversight of the company’s mortgage business.
- He also failed to take sufficient steps to prevent the company from transacting mortgage business between July 2017 and October 2017, during which period he was aware that the company did not have valid professional indemnity insurance.
- Following interventions by the FCA between 2011 and 2015, he was fully aware of the serious risks that this conduct created but decided to ignore them.
- The decision has been referred to the Upper Tribunal.
Next actions
None – for information and awareness.