FSA has banned a compliance director of a financial services firm for inadequate supervisionLONDON - The Financial Services Authority (FSA) has prohibited Simon Robins, compliance director of Chase UK Corporation Limited (Chase), based in Waterlooville, Hampshire, for failing to adequately supervise the operations of the firm. As a result of these failings the firm was used by third parties to obtain mortgage applications on a fraudulent basis.
The order bans Robins from performing significant influence functions at any authorised financial firm. The FSA found Robins lacked competence and capability. According to the regulator, he failed to ensure the firm gave suitable advice to its customers; that it had adequate systems and controls in place to enable its mortgage advisory business to be controlled effectively; and that the business of the firm complied with regulatory requirements and standards.
Jonathan Phelan, FSA head of retail enforcement, said: "It is vital that directors demonstrate the necessary competence and capability to ensure their firm provides suitable advice and meets compliance standards. Those who do not demonstrate these qualities face being banned from senior roles in the financial services industry."
Chase is currently in liquidation and is no longer authorised to conduct regulated business
More on Risk Management
Market shocks are earthquakes, not a game of roulette
ABSTRACT This paper discusses the importance of operational risk management for the efficiency of Taiwanese banks. We demonstrate that by applying risk managerial strategies banks can improve their performance,...
ABSTRACT In this paper, we propose a copula-free approach for modeling correlated frequency distributions using an Erlang-based multivariate mixed Poisson distribution.We investigate some of the properties...
This is a special issue for The Journal of Operational Risk as we celebrate our tenth anniversary. In this milestone event for our young journal I think that it would be appropriate at this time to provide...
Sign up for Risk.net email alerts
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.