Release Date: 16th January 2019
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has fined Stewart Owen Ford £76 million and prohibited him from performing any function in relation to any regulated activity. This decision, effective from 16 January 2019, stems from Ford’s tenure at Keydata Investment Services Ltd between 26 July 2005 and 8 June 2009, during which he held multiple senior roles including director and chief executive.
Ford was found to have failed to act with integrity (breaching Statement of Principle 1) and failed to deal with the FCA in an open and cooperative manner (breaching Statement of Principle 4). His actions led to substantial financial misconduct, prompting the FCA to impose the significant financial penalty and the prohibition order.
Ford referred the decision to the Upper Tribunal, which on 6 November 2018 upheld the FCA’s findings and directed the FCA to impose the £76 million penalty. Consequently, the FCA issued this Final Notice in compliance with the Tribunal’s directive.
Key Takeaways for Other Firms:
- Act with Integrity: Ensure all actions and decisions meet high standards of integrity.
- Transparency and Cooperation: Maintain open and cooperative communication with regulatory bodies.
- Oversight and Controls: Implement robust oversight and controls to prevent financial misconduct.
In conclusion, the FCA’s stringent action against Stewart Owen Ford highlights the critical importance of integrity and transparency in financial services, serving as a cautionary tale for other firms to uphold regulatory standards diligently.
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