Context
Following the implementation of the Senior Managers and Certification Regime the FCA is considering the non-financial conduct of individuals as well as their financial conduct. The FCA has published a Decision Notice outlining non-financial conduct of an individual. This action further confirms the position of the FCA in taking action where individuals are not considered fit and proper.
Key points to note
- The FCA has withdrawn the individual’s approval to perform his current Senior Management Functions and will make an order prohibiting him from performing any functions in relation to regulated activity.
- It is considered that given the nature and circumstances identified the individual is not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised or exempt persons or exempt professional persons. This is because he lacks the necessary integrity and reputation.
- The FCA considers that, because of this, there is a risk to consumers and to confidence in the financial system.
Next actions
None – For information only