The FCA has published a warning notice statement in relation to a director of an appointed representative (AR) of an FCA authorised firm in connection with a breach of Statement of Principle 1 when carrying out the significant influence function of CF1 (Director) of the authorised principal, with responsibility for the AR. The FCA considers that the individual’s conduct demonstrates a lack of integrity.

In particular, the FCA considers that the individual (i) deliberately involved the AR in promoting and arranging certain UCIS, in breach of its agreement with its principal which did not permit UCIS business; and (ii) recklessly devised a structure and participated in a process for promoting and arranging the UCIS that was likely to provide false assurance to customers and others that the AR’s involvement was authorised

View Warning notice statement, 24 March 2014