Insurance Regulatory eBulletin - Enforcement action

FCA fines round-up
FCA regulatory fines for 2018 now total £3.5m. The following fines and related enforcement actions have been announced in the past month:

Alexander
Stuart
Mr Stuart was fined £34,000 and was given a prohibition for breaches of APER 1 and FIT relating to a lack of fitness and propriety in the investment adviser sector.
Mr Stuart was employed by SJP and was approved to perform the CF30 (Customer) controlled function at SJP. Mr Stuart made false and misleading statements to SJP and to the CII about his passing of examinations to attain the Level 4 Qualification (the CII’s Diploma in Regulated Financial Planning), including falsifying learning statements with the intention of misleading SJP and the CII into believing that he had passed all the examinations in relation to the CII’s Diploma. Mr Stuart had not in fact passed all the examinations referred to in the false Learning Statement.

Information Commissioner’s Office (ICO) fines round-up
No fines affecting financial services firms have been announced in the past month by the ICO.