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Release Date: 14th December 2018

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has banned Angela Burns from acting as a non-executive director (NED) and fined her £20,000 for failing to act with integrity at two mutual societies. Angela Burns, an experienced UK investment professional and chief executive of her own investment consultancy, served as a NED and chair of the investment committees at two mutual societies from January 2009 to May 2011. While these societies were seeking investment manager services, Ms Burns provided advice while simultaneously soliciting work from Vanguard Asset Management Limited (Vanguard) without disclosing this to the boards.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, emphasised the duty of directors to disclose or avoid conflicts of interest. Ms Burns’ failure to disclose her concurrent solicitation of consultancy work from Vanguard while advising the mutual societies was deemed inappropriate and inconsistent with the standards of integrity expected from senior managers.

Ms Burns breached FCA Statement of Principle 1 by:

The FCA’s decision follows Ms Burns’ referral of the Decision Notice to the Upper Tribunal, her appeal to the Court of Appeal, and the Supreme Court’s denial of her application for permission to appeal.

Key Takeaways for Other Firms:

In conclusion, the FCA’s action against Angela Burns highlights the critical importance of integrity and transparency for directors and senior managers in their advisory roles to maintain trust and uphold regulatory standards.

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