View more on these topics

FCA blocks bid to buy advice firm stake over money laundering failings

FCA interior logo 620x430

The FCA has stopped an adviser taking a controlling stake in Ubiety Wealth Management because of a dismissal following money laundering failures that were not fully disclosed.

In November 2014 Ubiety – which has permissions to advise on investments, insurance and debt – notified the regulator Lynda Croome was to acquire 33 per cent of the firm.

However, the notification did not give a full picture of Croome’s employment history, the FCA says in a final notice published last week.

Croome did not state that she was suspended and dismissed by one firm, while she failed to give enough detail on a dismissal from another firm.

In the latter case, it was alleged Croome signed money laundering certificates confirming the true likeness of individuals without ever having met them.

The FCA says: “Her description indicates that she was dismissed for administrative irregularities, but it does not give sufficient detail in relation to exactly what happened, which the Authority can have expected to have received, due to the serious nature of the allegations against her.”

It adds: “The issues of non-disclosure raise serious concerns in relation to the integrity of Ms Croome.”

Recommended

FCA logo new 620x430.jpg
1

Robo-advice and new FCA rules set to take centre stage

Robo-advice, a new advice framework and the challenge of meeting new capital adequacy rules look set to be the regulatory issues that dominate in 2016. Advice firms have been told to brace themselves for yet more change in the form of a new leadership team at the FCA, as well as reforms to the advice […]

Tracey McDermott FCA 700x450.jpg
29

FCA admits it will consider return to commission

FCA acting chief executive Tracey McDermott has admitted the Financial Advice Market Review may reintroduce some form of commission but claims the regulator will not reverse the RDR. Money Marketing revealed last week that the FAMR panel was considering radical reforms in a bid to boost access to advice, including lower qualifications and a return […]

FCA interior logo 620x430
4

Labour MP: Treasury committee will prove Govt ‘neutering’ FCA

A Labour MP has claimed an investigation into the FCA’s decision to drop an inquiry into banking culture will prove the regulator did so on instruction from the Government. The Treasury committee will grill FCA chairman John Griffith-Jones and acting chief executive Tracey McDermott on 20 January as it seeks to evaluate the decision in […]

FCA interior logo 620x430
7

FCA: Providers failing on retirement risk warnings

Providers are failing to provide effective risk warnings to savers looking to access their pensions, the FCA says. In its October report into pensions guidance and advice, the Work and Pensions committee advised the FCA to strengthen rules around signposting and risk warnings. And now the regulator has admitted concerns with the quality of risk […]

Japan: mid-year review and outlook

By Chris Taylor, Manager of the Neptune Japan Opportunities Fund H1 2014 Economy: after a harsh winter that slowed activity in the economy, the main event of the first half of the year has been the debate over what impact the 1 April VAT hike from five to eight per cent would have; we are […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Being sacked twice is a poor start.

    Also sloppiness about money laundering is hardly helpful either.

Leave a comment