Ex-RBS boss agrees job ban with FSA
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Former Royal Bank of Scotland executive director and Global Markets chairman Johnny Cameron has agreed with the FSA that he will not perform any significant influence function or undertake any further full time employment in the financial services industry.
The FSA has been carrying out an investigation into Cameron, specifically looking at the systems and controls in place in Global Markets. Global Markets included the investment banking business of RBS.
If he had not agreed, the FSA says it intended to take steps to seek to prohibit Cameron from performing any significant influence function or any function held in full time employment in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.
The FSA believes Cameron would not meet its current standards for approval for a significant influence function.
In return for Cameron’s undertaking, the FSA will not take disciplinary action against him. The regulator says it has not made any findings of regulatory breach against Cameron and he has not made any admissions.
Cameron is still able to engage in part time consultancy work in the financial services industry provided that the work does not involve performing activities which would require approval for a significant influence function.
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Readers' comments (13)
Exasperated me | 18 May 2010 11:02 am
Any more scalps on the cards? Fred the Shred and Adam Applegarth for example? Crosby, Tiner et al?
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PensionMan | 18 May 2010 12:38 pm
This is just spin.
If the FSA were serious they would implement a proper ban. Just banning someone at that lever from working full time, but they can work part time, is ridiculous.
Come on FSA get serious!
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Anonymous | 18 May 2010 12:39 pm
He probably got such massive bonuses that he doesn't need to work full time anyway... they should have hit him with a massive fine. Oh - sorry, they only fine brokers don't they?
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Peter Herd | 18 May 2010 12:43 pm
Sorry this is crazy !!! - this chap was part of the team that bought down a major banks in the UK which resulted in a worldwide banking crisis. The best are regulator can do is ban in from all future activity on a full-time basis. I would have fought this would have been the minimum plus fining these people the highest level of fines possible together with possible criminal investigations. This does not send out the right message to the rest of the industry.
Just shows that the old boy network is still in place or is it that mortgage brokers and IFA's easier targets as we have an earned millions of pounds in bonuses to employing expensive barristers as our defence team.
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Robert Donaldson | 18 May 2010 12:44 pm
Whats the difference between him and an advisor. He gets off!
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PIssed Off IFA | 18 May 2010 12:47 pm
Well done to Hector and the boys,kicking a man when he is down. However, I agree with anonymous and I think that they have probably done Johnny Boy a favour and allowed him to get out of this hellhole called Financial Services. Why do not Hector and his staff not follow suit and leave the Financial Services? I forgot, they are not authorised. Anyway, good old Vince has got them in his sights and they will get their just deserts in good time.
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Phil | 18 May 2010 12:52 pm
He will probably get a job at the FSA
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Ian | 18 May 2010 1:03 pm
Absolute joke.
The FSA are having a laugh.
What a waist of time and money. If he has done nothing wrong how can they impose this on him.
JOBS FOR THE BOYS YET AGAIN.
MORE CHAMPAGNE MY FRIEND.
So on a level playing field, If I do something wrong the FSA will let me work part time.
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Eric Shun | 18 May 2010 1:36 pm
The point is that they have 'agreed' this with him however I will be forced out of a job having done nothing wrong other than provide my clients with a good service over the years. I still cannot understand why I am having my living taken away by regulators that haven't a clue ...............
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Craig | 18 May 2010 1:41 pm
Seems like if you are in the gentlemans club you can get away with anything.
Normal lay adviser would not be granted the leniency the FSA have granted this 'person'
FSA
you need to have a look at yourselves - the financial services sector are laughing at you as you make the rules up as you gop along!
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