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FSA bans director from firm ownership after she failed to seek approval

FSA Front 480

The FSA has banned a director from owning authorised firms after she acquired online mortgage and general insurance firm Think without seeking approval from the regulator and made false claims about her qualifications.

Ewa Karczewska was found to lack honesty and integrity, that she lacked experience of directing a business and repeatedly gave inaccurate or misleading advice to the regulator about her experience and qualifications.

She acquired 70 per cent of Think in September 2010 without regulatory approval prompting the FSA to conduct a series of authorisation checks to assess Karczewska’s suitability.

She was stopped from taking ownership of the firm in December after failing to submit her CV to the FSA on at least three occasions despite saying it had been sent in.

When it was finally sent in the CV contained inaccurate information claiming she had been an accountant for three years and graduated from the University of Warsaw. when she had only attended a part time course for less than six months without obtaining any qualifications.

The CV also stated Karczewska was owner of business immigration firm Financial Republic and falsely claimed it was regulated by the Office of the Immigration Services Commissioner.

FSA director of authorisations Victoria Raffé says: “Ms Karczewska broke the rules by taking control of an authorised company without getting pre-approval, denying us the opportunity to assess her at point of entry.

“And when she did notify us, her repeated inaccuracies were a blatant attempt to undermine our assessment of her fitness to be a controller. Her conduct fell well short of the standards we expect.”


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