FCA decision notice signals intent to tackle non-financial misconduct

Following implementation of the Senior Managers and Certification Regime, the FCA is showing itself keen to look at senior managers’ non-financial conduct as well as their financial conduct. 

The FCA recently published a Decision Notice declaring the sole director of a company providing financial advice not ‘a fit and proper person’ and has withdrawn his permission to perform senior management functions – due to offences unrelated to his financial conduct.

This action underscores the FCA’s intent to take firm action wherever it does not consider an individual to be fit and proper, regardless of whether their misconduct is of a financial or non-financial nature.

The FCA has withdrawn the director’s approval to perform Senior Management Functions and now plans to ban him from performing any function in relation to regulated activity in future, concluding that he ‘lacks the necessary integrity and reputation’ and therefore poses a ‘risk to consumer and to confidence in the financial system.’

For further details on this, or any other compliance-related topic, contact our expert team on 01925 767888, or email helpline@ukgigroup.com.

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