Release Date: 16th January 2019
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has fined Mark John Owen £3,240,787 and prohibited him from performing any function in relation to any regulated activity. This decision, effective from 16 January 2019, addresses Owen’s misconduct while holding senior roles at Keydata Investment Services Ltd between 26 July 2005 and 8 June 2009.
Owen was found to have failed to act with integrity (breaching Statement of Principle 1) and failed to deal with the FCA in an open and cooperative manner (breaching Statement of Principle 4). During this period, he held various senior positions, including director and roles involving significant management of designated investment business. His actions contributed to substantial regulatory breaches at Keydata, prompting the FCA to impose the significant financial penalty and prohibition order.
Owen referred the decision to the Upper Tribunal, which on 6 November 2018 upheld the FCA’s findings and directed the FCA to impose the £3,240,787 penalty. Consequently, the FCA issued this Final Notice in compliance with the Tribunal’s directive.
Key Takeaways for Other Firms:
- Integrity: Ensure all actions and decisions meet high standards of integrity.
- Transparency: Maintain open and cooperative communication with regulatory bodies.
- Robust Oversight: Implement effective oversight and management systems to prevent regulatory breaches.
In conclusion, the FCA’s stringent action against Mark John Owen underscores the critical importance of integrity and transparency in financial services, serving as a cautionary tale for other firms to diligently uphold regulatory standards.
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