Release Date: 16th May 2022
To access the original FCA document, click here.
Summary
Andrew Mark Thomas Page was fined £361,071 by the Financial Conduct Authority (FCA) on 16 May 2022 for breaching Statement of Principle 1 (Integrity) of the Authority’s Statements of Principle for Approved Persons. Additionally, Mr. Page was prohibited from performing any function related to any regulated activity carried on by an authorised person, exempt person, or exempt professional firm. The breaches occurred between 3 July 2014 and 1 February 2016 in relation to his controlled functions at Financial Page Ltd (FPL).
Key Takeaways for Other Firms:
- Maintain Integrity:
- Ensure all actions and decisions are conducted with the highest integrity.
- Avoid any dishonest or reckless behaviour in managing regulated activities.
- Adhere to Regulatory Standards:
- Strictly comply with all regulatory requirements and standards.
- Implement robust compliance oversight and internal controls to prevent misconduct.
- Thorough Oversight:
- Regularly review and monitor the actions of individuals holding controlled functions.
- Ensure that compliance and money laundering reporting functions are performed diligently.
Summary of Findings:
- Dishonest and Reckless Conduct:
- Mr. Page acted dishonestly and recklessly while performing his roles at FPL, which included Director, Compliance Oversight, Money Laundering Reporting, and Customer functions.
- His conduct demonstrated a lack of integrity and led to significant regulatory breaches.
- Tribunal Decision:
- The Upper Tribunal reviewed the case and directed the FCA to impose a financial penalty of £321,033, plus interest, resulting in a total penalty of £361,071.
- The Tribunal dismissed Mr. Page’s reference against the prohibition order, affirming that he is not a fit and proper person to perform regulated activities.
In conclusion, the FCA’s action against Andrew Mark Thomas Page underscores the critical importance of maintaining integrity and adhering to regulatory standards in the financial services industry. Firms must ensure rigorous oversight and compliance to prevent dishonest and reckless behaviour, thereby protecting consumers and maintaining the stability of the financial system.
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