Help with a HR issue FCA breach.

[eoghan101]

Hi guys,

A friend of mine has been involved in an issue in work. They have been found in breach of an FCA regulation. They are not an approved person. They would like to progress to an approved role in the future.

I'd appreciate if some advice could be given as to the implications of this and how and what appeals process might be in place.

I appreciate that there isn't a lot of detail here but there is a limited amount of information I can post on a public forum.

Thanks,

Eoghan

[Tifa]

Hi guys,

A friend of mine has been involved in an issue in work. They have been found in breach of an FCA regulation. They are not an approved person. They would like to progress to an approved role in the future.

I'd appreciate if some advice could be given as to the implications of this and how and what appeals process might be in place.

I appreciate that there isn't a lot of detail here but there is a limited amount of information I can post on a public forum.

Thanks,

Eoghan

Obviously, it depends on the breach.
We had our knuckles rapped due to incorrect punctuation on our business paper (letterheads)
Wasn't a problem.
If on the other hand you've been flagged up by the NCA....

[joe narvey]

Deleted

[garmee]

Hi guys,

A friend of mine has been involved in an issue in work. They have been found in breach of an FCA regulation. They are not an approved person. They would like to progress to an approved role in the future.

I'd appreciate if some advice could be given as to the implications of this and how and what appeals process might be in place.

I appreciate that there isn't a lot of detail here but there is a limited amount of information I can post on a public forum.

Thanks,

Eoghan

As a matter of interest, I just asked ChatGPT for you! Obviously (as it says), it's an AI language model not a legal expert but it seems like a solid enough take based on what little you've been able to share.

This is exactly what it said:

Hi Eoghan,

It's important to keep in mind that I'm an AI language model and not a legal expert. However, I can provide some general information and suggestions that you may find helpful.
- Impact on future approved role: A breach of FCA regulations can potentially impact an individual's ability to progress to an approved role in the future. The severity of the breach, the individual's actions following the breach, and other factors will be taken into consideration by the FCA when assessing the individual's fitness and propriety for an approved role.
- Rectifying the breach: Your friend should take immediate steps to rectify the breach, if possible, and ensure that they have a clear understanding of the relevant FCA regulations. Demonstrating a commitment to addressing the issue and improving their understanding of regulatory compliance may help to mitigate the impact of the breach.
- Consult a legal expert: Your friend should consider seeking advice from a legal expert with experience in financial services regulation. A legal expert can provide more specific guidance on the potential consequences of the breach and help navigate any appeals process.
- Appeals process: If your friend disagrees with the FCA's findings or believes that the decision was unfair, they may have the right to appeal. The specific appeals process would depend on the type of enforcement action taken by the FCA. A legal expert can help your friend understand their rights and navigate the appeals process.
- Maintain confidentiality: It's important to be cautious when discussing sensitive matters on public forums. Ensure that any information shared does not breach confidentiality agreements or reveal personally identifiable information.

While this information may be helpful, it's essential for your friend to consult with a legal expert to receive tailored advice specific to their situation.

[Sean89]

This is where chatgpt shows it’s limitations.


Section 19 of the financial services and markets act.
There is a general prohibition on offering financial services or purporting to do so unless authorised or exempt.

Section 20 outlines the offence of carrying out unregulated financial services. Essentially he will be fined. You could goto prison but highly unlikely.

His best best is to immediately cease all regulated activities. Open up a dialogue with the fca with regard to becoming authorised (however they are most likely issue a banning order from carrying out any controlled function for a period of time)
That’s regulator speak for being a director or carrying out any financial services role for which you need specific permission.

Edit if their firm is regulated and authorised, but it’s not clear from your opening post. I suspect the issue is lack of authorisation without knowing the type of business it’s difficult.
With regard to approved persons this regime was largely replaced with the senior management certification regime.