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FCA seeks to ban and fine non-exec £154k over conflicts of interest

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The Financial Conduct Authority is looking to ban and fine a non-executive director £154,800 for failing to disclose conflicts of interest.

The regulator has published a decision notice against Angela Burns for failing to act with integrity as a non-executive director at two mutual societies. Burns has referred the matter to the Upper Tribunal.

Burns carried out consultancy work for a US fund manager in 2006 and put forward a proposal for further consultancy work in 2008.
 
She then became a non-executive director and chair of the investment committee for two UK mutual societies, one in January 2009 and one in May 2010.
 
Burns did not notify the mutuals she was still trying to obtain work from the fund manager, which the FCA says she had a duty to disclose. It also argues she attempted to use her non-executive director roles for her own gain.
 
During her tenure at the mutual societies, one placed a £350m mandate with the fund manager and the other was considering placing a £750m mandate with the fund manager.
 
Jacksons Wealth Management managing director Pete Matthew says: “Non-executive directors have a huge amount of influence on board directors. She should have known to disclose her conflict of interest.”

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