Release Date: 17th December 2015
To access the original FCA document, click here.
Summary
The FCA fined Vroni Mavis O’Brien £20,000 and prohibited her from performing any significant influence functions in regulated activities due to her mishandling of client money while serving as a Director and Chief Executive at Joint Aviation. O’Brien was found to have breached Principles 2 and 7 by creating and using inaccurate client money calculations, improperly transferring money to Joint Aviation’s business account, and failing to understand the responsibilities of her role. These actions resulted in a significant risk to consumers and a shortfall in client money, though no consumers ultimately suffered a loss due to a subsequent sale of Joint Aviation’s assets.
Key Takeaways for Other Firms:
- Understand Regulatory Requirements: Ensure a thorough understanding of client money rules and requirements to avoid misapplication and breaches.
- Accurate Financial Calculations: Maintain accurate client money calculations and regularly review and reconcile accounts.
- Proper Oversight and Controls: Implement robust internal controls and segregation of duties to prevent unauthorised transactions.
- Compliance and Training: Regularly train staff on their regulatory responsibilities and ensure compliance with all relevant standards and requirements.
- Prompt Issue Resolution: Act swiftly to correct any identified issues and fully cooperate with regulatory bodies to avoid compounding problems.
