The FSA has fined David Whistance, the ex-Finance Director of Williams de Broë (previously the stockbroking arm of ING), £30k for failing to carry out his role with due care and skill and for failing to take steps to ensure that the company’s records and procedures were FSA compliant. The original fine imposed by the FSA was £80k but Mr Whistance qualified for a 30% reduction to the penalty as he agreed to settle at an early stage of the FSA’s investigation. The FSA also took into account his personal financial circumstances.

This is the first fine against a director relating to his overarching responsibility to ensure company procedures and controls met with regulatory requirements.