FSA issues comment on Vantage case
22 June 2010 at 16:36
The Financial Services Authority (FSA) has issued comment on the case of Vantage Capital Markets LLP, which has been fined £700,000 for failing to prevent an individual from performing a function without obtaining FSA authorisation.
Margaret Cole, director of enforcement and financial crime at the regulator, said the firm displayed disregard for FSA compliance by failing prevent an individual from acting in a significant influence role without approval.
"This was despite the fact that Vantage knew that the FSA did not regard that individual as a suitable person to manage the firm. Ensuring that the right people are running firms is a key element in our regulatory regime," she explained.
Ms Cole added that firms which do not comply with the rules can expect a "tough response" from the FSA.
Recently, Ms Cole said any case of mortgage fraud very seriously and will punish those found guilty of committing it.
Posted by James Harrison