Release Date: 16th May 2022
To access the original FCA document, click here.
Summary
Thomas Henry Ward has been fined £482,718 by the FCA for acting without approval and integrity as a director of Financial Page Ltd (FPL) between July 2014 and February 2016. Additionally, Mr Ward has been prohibited from performing any function related to regulated activities carried out by any authorised person, exempt person, or exempt professional firm.
Reasons for the Fine:
- Unauthorised Role: Mr Ward performed the role of director without FCA approval, which is a breach of regulatory requirements.
- Lack of Integrity: During his tenure as a director, Mr Ward acted without the necessary integrity expected in such a position. This includes knowingly performing duties without the required approval and failing to maintain appropriate conduct.
- Tribunal Decision: The Upper Tribunal upheld the FCA’s decision, determining that Mr Ward’s conduct warranted a financial penalty and a prohibition order. The Tribunal calculated the financial penalty to be £416,558, with an additional £66,160 in interest, resulting in a total fine of £482,718.
Key Takeaways for Other Firms:
- Ensure Proper Approvals: All individuals performing controlled functions must have the necessary FCA approval to avoid regulatory breaches.
- Maintain Integrity: Directors and senior managers must act with integrity and ensure they are fully compliant with regulatory requirements.
- Seek Formal Advice: In cases of uncertainty regarding regulatory requirements, it is crucial to seek formal advice to avoid inadvertent breaches.
- Robust Governance: Firms should implement strong governance frameworks to monitor and ensure compliance with all regulatory obligations.
Conclusion:
The FCA’s action against Thomas Henry Ward highlights the importance of adhering to regulatory requirements and maintaining integrity in all professional activities. Firms and individuals must ensure they have the necessary approvals and act in accordance with regulatory standards to avoid similar penalties and prohibitions.
Back to the Dear CEO letter archives.