UK regulator bans compliance director

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LONDON - 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

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• Topics
• Compliance
• Financial Services Authority (FSA)
• Risk management