Release Date: 15th April 2021
To access the original FCA document, click here.
Summary
The Financial Conduct Authority (FCA) has fined Simon John Varley £68,300 and imposed a prohibition order preventing him from performing any function related to regulated activities. Varley, who held positions as CF1 Director and CF10 Compliance Oversight at Dickinsons Financial Management Limited, was found guilty of multiple breaches including providing unsuitable investment advice and acting without necessary qualifications.
Summary of Reasons
- Unqualified Advice: Varley continued to advise retail customers from January 2013 to September 2017 without holding the required Level 4 qualification or Statement of Professional Standing (SPS).
- Misleading Information: He knowingly provided false information to his firm, Professional Indemnity Insurance (PII) providers, and the FCA. This included misleading board meetings, providing incorrect data in regulatory returns, and facilitating false PII forms.
- Breach of Trust: Varley’s actions as a senior compliance officer and director showed a severe lack of integrity, breaching the FCA’s Principle 1.
Key Takeaways for Other Firms
- Ensure Qualifications: Verify that all staff advising customers are appropriately qualified and hold valid certifications.
- Accurate Reporting: Maintain accurate records and provide truthful information to regulatory bodies and internal stakeholders.
- Robust Compliance: Implement strong compliance oversight to detect and prevent misconduct.
- Transparency: Communicate openly with regulatory authorities, particularly when discrepancies or issues arise.
In conclusion, Simon John Varley’s actions demonstrated a significant breach of trust and integrity, leading to a substantial fine and prohibition from any regulated activities. This case underscores the importance of adhering to regulatory requirements and maintaining high standards of honesty and transparency in financial services.
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