Release Date: 19th September 2017
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has imposed a financial penalty of £86,691 on Charles Anthony Llewellen Palmer and has prohibited him from performing any significant influence function in relation to any regulated activities. This action is due to Mr Palmer’s breach of Statement of Principle 6, which requires approved persons to act with due skill, care, and diligence.
Reasons for the Fine:
- Tribunal Decision: The Upper Tribunal determined that Mr Palmer failed to act with due skill, care, and diligence. The Tribunal upheld the FCA’s decision to impose a financial penalty and dismissed Mr Palmer’s challenge against the prohibition order.
- Prohibition Order: The FCA decided to prohibit Mr Palmer from performing any significant influence function because he is not deemed a fit and proper person to perform such roles.
Key Takeaways for Other Firms:
- Act with Due Skill, Care, and Diligence: Approved persons must consistently act with the required level of skill, care, and diligence to avoid regulatory breaches.
- Maintain Fit and Proper Standards: Individuals in significant influence functions must meet the FCA’s fit and proper person criteria, ensuring they are competent and capable.
- Respond to Regulatory Decisions: It is crucial to engage constructively with regulatory decisions and comply with enforcement actions to avoid further penalties.
Conclusion:
The FCA’s action against Charles Palmer highlights the importance of compliance with regulatory standards and the severe consequences of failing to meet them. Firms and individuals in significant influence roles must ensure they act with due skill, care, and diligence to maintain their regulatory standing and protect consumer interests.
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