fsa muscle-flexing: truthfulness matters May 16, 2012Posted by Bradley in : lies , trackback
In prohibiting Anthony Verrier from
performing any function in relation to any regulated activity carried on by any authorised or exempt person or exempt professional firm, because it appears to the FSA that Mr Verrier is not a fit and proper person due to concerns over his honesty, integrity and reputation
the FSA states:
In having regard to confidence in the UK’s financial industry, it is essential that confidence is maintained in the honesty, integrity and reputation of persons occupying senior positions within the management of UK authorised financial institutions.
The decision was based on findings (in the High Court and Court of Appeal) that Mr Verrier had engaged in a conspiracy to induce brokers at one form of inter-dealer brokers to move to another firm, breaching their contracts with the first firm. The judgments describe the conduct as illegal and as dishonest. In The Court of Appeal, for example, Lord Justice Maurice Kay described Mr Verrier as having the intention
to overstep legal boundaries to the extent necessary to achieve his conspiratorial aim
The FSA press release contains a quote from Tracy McDermott, the FSA’s acting director of enforcement and financial crime
One of our fundamental requirements for approved persons is that they must act with honesty and integrity. This is to ensure not only that their customers and clients are treated properly but also that the regulator can have trust and confidence in what we are being told about the way businesses are being run. In light of the High Court’s findings about Verrier’s conduct, we have concluded that he is not fit and proper to be in the UK financial services industry.