UK Regulator, FCA, Rejects Experienced Compliance Officer Over Competency Concerns
The Financial Conduct Authority refused to approve a compliance officer for an online trader despite almost 20 years of prior experience.
Rupert Nathan worked for Goldenway Global Investments. The firm’s main business is selling foreign exchange and commodity products to retail clients.
He applied to the FCA for approval to perform compliance oversight and money laundering reporting officer roles.
In a final notice dated August 21, the FCA said:
Mr Nathan failed to demonstrate a detailed knowledge and understanding of the implications of the Firm’s operating model, the money laundering and financial crime risks faced by the Firm and the processes that need to be put in place at the Firm satisfactorily to address those risks. Specifically, it was Mr Nathan’s failure to satisfy the Authority that he could proactively identify and manage the relevant risks in performing the Refused Controlled Functions which caused the Authority to have concerns about Mr Nathan’s competence and capability to perform the Refused Controlled Functions.
The FCA also said Nathan didn’t convey “an adequate understanding of the difficulties in assessing the appropriateness of transactions for customers inherent in the Firm’s business model . . . ”
The full report courtesy of the FCPA blog can be viewed here: http://www.fcpablog.com/blog/2017/8/25/uk-regulator-rejects-experienced-compliance-officer-for-comp.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fcpablog%2FsLbh+%28The+FCPA+Blog%29
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