A director of a mortgage broker has been fined £17,500 for breach of Statement of Principle 6, had his approval withdrawn and been prohibited: he did not act with due skill, care and diligence as a director having failed to spot the misconduct of third party introducers and his co-director. He was also a director of an unauthorised firm which provided a regulated mortgage contract to a client in breach of the general prohibition (FSA Final Notice - Peter Dean, (PDF 179KB), 8 April 2009). His co-director also had his approval withdrawn and was prohibited having submitted mortgage applications containing false information and failed to check applications or take remedial action (FSA Final Notice - James Dean, (PDF 119KB), 8 April 2009). The firm’s Part IV permission was cancelled as a result (FSA Final Notice - UK Finance House Limited, (PDF 50.4KB), 8 April 2009).
A director of an IFA has had his approval withdrawn and been prohibited for lack of competence and capability involving breaches of Statements of Principle 2 and 7: he failed to act with skill and diligence as an investment adviser (including acting recklessly in assessing suitability, offering guarantees and conducting transactions outside the firm’s Part IV permission) and, as a director and senior manager, failed to establish appropriate compliance and risk management systems, being insufficiently experienced (FSA Final Notice - Norman Mark McCance, (PDF 112KB), 6 April 2009). The firm’s Part IV permission was cancelled as a result (FSA Final Notice - Penn Financial Services Unlimited, (PDF 102KB), 6 April 2009).