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Release Date: 13th March 2015

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Stephen Bell, former compliance director of network Financial Group, £33,800 for significant weaknesses in the design and execution of the Group’s compliance systems and controls. Mr Bell has also been banned from performing the compliance oversight function.

Key Points:

Misconduct Details:

FCA’s Position:

Georgina Philippou, acting director of enforcement and market oversight at the FCA, emphasised the critical role of compliance directors in ensuring robust systems and controls to minimise the risk of mis-selling and unsuitable advice. She highlighted the seriousness of Mr Bell’s failings, given his awareness of the needed improvements.

Cooperation and Penalties:

Key Takeaways for Other Firms:


The FCA’s action against Stephen Bell serves as a reminder of the importance of robust compliance frameworks and proactive management of compliance functions within financial firms to ensure consumer protection and market integrity.

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