Release Date: 16th May 2022
To access the original FCA document, click here.
Summary
The FCA has fined Aiden Henderson £199,939 and prohibited him from performing any function related to regulated activities due to breaches of the FCA’s principles.
Reasons for the Fine:
Mr Henderson, who held multiple controlled functions at Henderson Carter Associates Limited (HCA), was found to have acted dishonestly and recklessly between 30 October 2013 and 8 July 2015. His actions violated Statement of Principle 1 (Integrity) of the FCA’s Statements of Principle for Approved Persons. Specifically, Mr Henderson’s misconduct was related to HCA’s pension business, where he failed to act with integrity in his roles, including Director, Compliance Oversight, Money Laundering Reporting, and Customer functions.
The FCA’s investigation revealed that Mr Henderson’s conduct demonstrated a lack of integrity and unfitness to perform regulated activities. As a result, the FCA decided to impose both a financial penalty and a prohibition order on Mr Henderson.
Mr Henderson referred the decision to the Upper Tribunal, which upheld the FCA’s decision. The Tribunal directed the FCA to impose a financial penalty of £179,179, plus interest calculated at 8% per annum from the date of the original decision notice, bringing the total penalty to £199,939. The Tribunal dismissed Mr Henderson’s appeal against the prohibition order.
Key Takeaways:
- Integrity is Critical: Individuals in controlled functions must act with integrity and honesty, especially when dealing with client assets and financial advice.
- Compliance with Regulations: Adherence to FCA principles and obtaining necessary approvals for controlled functions is mandatory.
- Transparency and Reporting: Clear and honest communication with the FCA is essential to avoid severe penalties.
- Preparedness for Audits and Investigations: Firms should be ready for FCA scrutiny and ensure all activities are compliant with regulatory standards.
Conclusion:
The FCA’s action against Aiden Henderson highlights the importance of maintaining integrity and compliance within financial services. Firms and individuals must adhere to FCA regulations and principles to ensure the protection of consumers and the stability of the financial system. This case serves as a warning and a reminder of the severe consequences of dishonest and reckless behaviour in the financial industry.
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