On 18 September 2015, the FCA published a press release confirming that it will not prohibit Andrew Wilkins, a former director of Catalyst Investment Group Ltd, from performing any significant influence function.
In October 2013, the FCA issued a final notice to Catalyst Investment Group Ltd, censuring it for recklessly misleading investors when promoting bonds offered by ARM Asset Backed Securities SA. It also issued a decision notice stating its intention to prohibit Mr Wilkins from performing any significant influence function and to fine him £100,000 because of his role concerning the promotion of ARM bonds.
On 11 August 2015, the Upper Tribunal found as a matter of fact that, although Mr Wilkins had made certain errors, it did not consider that he had acted with a lack of integrity nor that he had acted with a reckless disregard to investors’ interests. The Upper Tribunal decided to fine Mr Wilkins £50,000 and referred the decision on whether to impose a prohibition on Mr Wilkins back to the FCA.
On 18 September 2015, the Upper Tribunal published additional reasons for its determination that rejected the allegation that Mr Wilkins is not fit and proper on any basis alleged by the FCA
The FCA’s press release supersedes the press release that it issued on 11 August 2015 to reflect the Upper Tribunal’s original decision.
Loading...