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Review of the FCA Fine
Paul Bond Investment Team Summary
“Reading through the information provided by Andrew Guy and Pete have spoken with Andy a few times about
confirms that his actions were serious enough for the the issue, he was open and upfront with communications
FCA to take the action that they did. Although (as I and has offered to speak with anyone from Praetura that
understand) he isn’t working in the Financial Services wants to talk through the issue.
industry anymore the failings identified indicate he isn’t
fit and proper and hasn’t acted with due skill and care. If We have no concerns over his honesty and integrity and
you look at this from a purely business view point his the risk is fairly low due to the non-regulated industry
actions demonstrate a poor lack of judgment, negligence Futr is in.
and lack of care.
A discussion point for the Investment Committee is what
However, having said the above he has been censured level of monitoring we need to perform over and above
for his failings accordingly and it would be unfair to hold the monitoring we have in as standard.
this against him for ever and a day. Having said this there
is at best evidence of naivety and lack of business ethic The links below are to the judgements of the tribunals.
so at the very least our due diligence file must record this
and we must be able to demonstrate that an additional • http://www.tribunals.gov.uk/financeandtax/Document
watchful eye is maintained (how you do this is up to you). s/decisions/Timothy-Alan-Roberts-and-Andrew-
Wilkins-v-FCA.pdf
The reason I say this is because should something go
completely wrong with this business and his past failings • http://www.tribunals.gov.uk/financeandtax/Document
with the regulator were raised you would be asked what s/decisions/Timothy-Alan-Roberts-and-Andrew-
additional checks and monitoring did you have in place. Wilkins-v-FCA-judgment-clarification.pdf
It is worth mentioning that the regulator would only fine
an individual if they have proof positive that the person is
responsible and accountable”
