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Release Date: 6th January 2015

To access the original FCA document, click here.

Summary

The Financial Conduct Authority (FCA) has fined Execution Noble & Company Limited (ENCL) £231,000 for breaches of the listing rules related to sponsors. The fine was issued due to ENCL’s failure to inform the FCA’s UK Listing Authority (UKLA) about the departure of two-thirds of its sponsor team, including key individuals responsible for leading and executing sponsor services, between June and November 2013. Despite these significant changes, ENCL continued to market itself as a competent sponsor during this period. This incident marks the first use of the FCA’s power to fine sponsors, a power introduced in 2013.

Key Points:

Key Takeaways for Other Firms:

The FCA’s action against ENCL underscores its commitment to market integrity and the protection of consumers, reinforcing the need for firms to maintain high standards of regulatory compliance and cooperation.

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