Post by james on May 9, 2015 23:06:08 GMT
As one example of what the FCA considers not to be fit and proper, evading commuter rail fares worth a total of £43,000 for a few years got a managing director at BlackRock Asset Management banned "because he lacks honesty and integrity" (Para 2.2 of Final Notice PDF).
"His conduct fell short of the standards we expect. Approved persons must act with honesty and integrity at all times and, where they do not, we will take action". The gentleman concerned "admitted to the FCA that he had evaded his train fare on a number of occasions and had done so in the knowledge that he had been breaking the law. The FCA does not consider that this is fit and proper behaviour for an approved person".
So one piece of good advice is not to try to dodge train fares on the way to a city job if you want to carry on working in financial services.
if you've got a not very healthy track record of failed company directorships, maybe a couple of IVA's and a string of unsettled creditors then you're probably okayDon't bet on surviving CCJs or failed directorships because: "whether the person has been the subject of any adverse finding or any settlement in civil proceedings" is part of the fitness standard (para 5 of Annex 1). Not sure about a couple of IVAs.
"His conduct fell short of the standards we expect. Approved persons must act with honesty and integrity at all times and, where they do not, we will take action". The gentleman concerned "admitted to the FCA that he had evaded his train fare on a number of occasions and had done so in the knowledge that he had been breaking the law. The FCA does not consider that this is fit and proper behaviour for an approved person".
So one piece of good advice is not to try to dodge train fares on the way to a city job if you want to carry on working in financial services.
