The FCA has right this moment banned and fined James Lewis, the previous CEO of Metropolis of London wealth supervisor and funding dealer Shard Capital Companions.
Mr Lewis has been fined £120,300 following two separate situations of offering incorrect details about purchasers’ money purportedly held by Shard.
The FCA stated that Mr Lewis’ misconduct put the market and buyers in danger.
Between June 2015 and Might 2017, Mr Lewis advised auditors that Shard held a whole bunch of hundreds of thousands in money for a selected shopper. Nevertheless these sums have been money owed owed by one other shopper in the identical group.
In a 108 web page Last Discover, the regulator stated that as well as, between June and July 2021 Mr Lewis supplied deceptive data to an additional shopper purporting that Shard held substantial sums on its behalf. Nevertheless, that shopper’s total money stability had beforehand been transferred out of its account.
The cash was invested in a number of giant funding bonds for purchasers by way of linked corporations.
In response to the FCA in every occasion, Mr Lewis knew the data he supplied can be used to supply the purchasers’ annual accounts. These accounts have been misstated in consequence, the regulator stated.
Shard supplies funding administration companies for intermediaries, institutional buyers and excessive web value people in addition to retail purchasers, in accordance with the corporate’s web site.
Mr Lewis has not held a senior administration perform at Shard since 31 January 2022 and the agency continues to function.
Steve Sensible, joint government director of enforcement and market oversight, stated: “Mr Lewis fell woefully in need of the excessive requirements of talent, care and integrity we anticipate of all those that lead monetary corporations.
“Buyers rely upon correct data, and Mr Lewis’ actions put buyers at important danger of losses. It’s proper that he received’t be allowed to work in regulated monetary companies once more.”
Because the FCA was contemplating the primary of the suspected regulatory breaches, Shard turned conscious of the second and notified the FCA of the problem in September 2023. Subsequently, Mr Lewis additionally reported his conduct to the FCA.
Mr Lewis agreed to settle the matter and certified for a 30% nice low cost. With out the low cost the monetary penalty he confronted would have been £171,900.
