Release Date: 22nd September 2015
To access the original FCA document, click here.
Summary
The FCA has issued a final notice to Craig McNeil, imposing a £350,000 fine and banning him from performing any significant influence function in relation to any regulated activity. McNeil, the former Finance Director of Keydata Investment Services Limited, was found to have failed to act with integrity and due skill, care, and diligence during his tenure.
Key Details:
- Who was fined: Craig McNeil
- Reason for fine:
- Breach of Principle 4: Failing to disclose crucial information about SLS Capital S.A.’s missed payments to the FCA.
- Breach of Principle 6: Inadequate handling of the purchase of a collateral portfolio intended to secure Keydata’s exposure to SLS.
- Outcome:
- A financial penalty of £350,000 (reduced from £500,000 for early settlement).
- Prohibition from performing any significant influence function in the financial sector.
Key Takeaways for Other Firms:
- Transparency with Regulators: Always disclose material information to regulatory authorities promptly to avoid masking underlying issues.
- Due Diligence: Ensure thorough understanding and assessment of all transactions, especially those involving significant financial risks.
- Accountability in Reporting: Ensure that responsible individuals promptly report significant financial and operational risks to the appropriate regulatory bodies.
- Board Oversight and Records: Maintain accurate and complete records of board meetings and decisions, especially those involving significant financial commitments or regulatory obligations.
By adhering to these principles, firms can maintain regulatory compliance, protect consumer interests, and avoid substantial penalties.
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