Release Date: 28th November 2016
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has fined Tariq Carrimjee £89,004 for breaching Statement of Principle 2, which pertains to acting with due skill, care, and diligence. Additionally, Mr Carrimjee has been prohibited from performing compliance oversight (CF10) and money laundering reporting (CF11) functions in any regulated activity.
Mr Carrimjee, formerly authorised as an individual with oversight responsibilities, was found by the FCA and the Upper Tribunal to have failed in his duties between 26 March 2013 and 16 August 2012. The Tribunal upheld the FCA’s decision to impose the financial penalty but did not find him in breach of Statement of Principle 1, which involves acting with integrity.
Key Takeaways for Other Firms:
- Ensure Adequate Diligence: Regulatory roles such as compliance oversight and money laundering reporting require strict adherence to due skill, care, and diligence.
- Robust Systems and Controls: Implement and maintain robust compliance and oversight systems to prevent regulatory breaches.
- Transparency with Regulators: Always deal transparently and cooperatively with regulators to maintain trust and compliance.
- Proactive Reporting: Promptly address and report any internal control weaknesses or compliance issues to senior management and regulators.
- Regular Training: Continuous training for staff, particularly those in significant influence functions, on regulatory requirements and best practices.
In conclusion, the FCA’s action against Tariq Carrimjee underscores the importance of diligence and transparency in compliance roles. Firms must ensure robust oversight mechanisms and transparent dealings with regulators to avoid similar penalties.
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