Release Date: 5th October 2017
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has imposed a financial penalty of £10,000 on Clive John Rosier, the sole director and only approved person at Bayliss & Co (Financial Services) Limited (“Bayliss”), for breaches of the Authority’s Statements of Principle 2 and 7. Additionally, the FCA has withdrawn Mr Rosier’s approvals to perform significant influence functions at Bayliss and prohibited him from performing any significant influence function in relation to any regulated activity.
Reasons for the Fine:
- Tribunal Decision: The Upper Tribunal determined that Mr Rosier failed to act with due skill, care, and diligence, breaching Statement of Principle 2. Additionally, he failed to take reasonable steps to ensure that Bayliss complied with the relevant requirements and standards of the regulatory regime, breaching Statement of Principle 7.
- Court of Appeal: Mr Rosier’s applications for permission to appeal the Tribunal’s decision were denied by the Court of Appeal.
Key Takeaways for Other Firms:
- Act with Due Skill, Care, and Diligence: Ensure all actions, especially those in significant influence functions, are carried out with the necessary skill, care, and diligence.
- Compliance with Regulatory Standards: Take reasonable steps to ensure that your firm complies with all relevant regulatory requirements and standards.
- Oversight and Monitoring: Maintain robust oversight and monitoring processes to detect and rectify any compliance issues promptly.
Conclusion:
The FCA’s action against Clive John Rosier underscores the importance of adhering to regulatory standards and the necessity for individuals in significant influence functions to act with due skill and care. Firms and individuals must take proactive steps to ensure compliance with all regulatory requirements to avoid similar penalties and sanctions.
Back to the Dear CEO letter archives.