FSA bans company director for inadequate supervision

The Financial Services Authority has banned Simon Robins for failing to adequately supervise his firm's operations.

Robins, compliance director at Chase UK Corporation Limited (Chase), stands accused of  failing to ensure that the firm gave suitable advice to its  customers; the firm had adequate systems and controls in place to enable its mortgage advisory business to be controlled effectively; and the business of the firm complied with regulatory requirements and standards.

The FSA claims that that the the lack of supervision by Robins led to the firm being used by third parties to obtain mortgage applications on a fraudulent basis.

Jonathan Phelan, head of retail enforcement at the FSA, says: "It is vital that directors demonstrate the necessary competence and capability to ensure their firm provides suitable advice and meets compliance standards.

"Those who do not demonstrate these qualities face being banned from senior roles in the financial services industry.”

The order bans Robins from performing significant influence functions at any authorised financial firm. Chase is currently in liquidation and is no longer authorised to conduct regulated business.

• About Us
• Subscribe to the magazine
• Advertising
• Contact Us
• Terms and conditions
• Privacy Statement