A non-executive director who failed to declare a conflict of interest has lost her appeal against the Financial Conduct Authority (FCA), which had fined her £154,800 and banned her from holding a regulated financial services role. In 2012, the FCA’s predecessor the Financial Services Authority (FSA) found that Angela Burns had “failed to act with […]

The FCA has published a thematic review report on the conflicts of interest arising from wealth management and private banking firms’ use of in-house investment products (TR14/19). The FCA found that most firms recognised the potential risks arising from conflicts of interest. However, the FCA noted shortcomings in the following areas: firms did not articulate […]

Craig Whyte, a former director of Rangers Football Club, has been disqualified from being a company director for 15 years, for “failing to avoid conflict of interest” in the running of the club. The disqualification by the Insolvency Service starts on 21 October. Whyte was the chairman of Rangers, which was placed into administration in […]

The FCA has published a report of the findings from its thematic review of conflicts of interest and intermediary remuneration in commercial insurance intermediaries (TR14/9). The FCA found that: inherent conflicts within insurance intermediaries are not being properly managed. In some firms, the control framework and management information (MI) have not developed at the same […]

Clive Adamson, Director of Supervision, FCA, has given a speech at the Insurance Institute of London entitled “Trust and confidence – ensuring firms’ ethics are built around their customers”. In his speech Mr Adamson outlined the need for the FCA to work with the insurance industry to enhance public trust in the sector and the […]

The Financial Conduct Authority (FCA) has found breaches to Principle 8 regarding conflicts of interest in half of the firms it reviewed as part of a report into inducements between advisers and providers. The results of the FCA’s thematic review highlighted “serious concerns” and a “poor management culture” in some firms whose actions have the […]

Thematic Review During a speech on 2 July 2013, Simon Green, Head of General Insurance and Protection at the FCA, announced the launch of a Thematic Review into how general insurance brokers handle potential conflicts of interest between insurers and customers. A Thematic Review is a study by the regulator of a particular product, practice, […]

The Financial Conduct Authority (FCA) has published a Decision Notice in respect of the provisional decision by its predecessor, the Financial Services Authority (FSA), to fine a former non-executive director of two UK mutual societies, Angela Burns, £154,000 and banning her from performing any role in regulated financial services for breach of Statement of Principle […]