Action against three Swinton Managers by FCA is comfort for Compliance Officers – 6th Nov 2014

The Financial Conduct Authority’s action against three former senior Swinton Group executives provides compliance officers with comfort that they will not become scapegoats for the failures of others, consultants said. Speaking of the Code of Practice for Approved Persons, Ashley Kovas, head of funds, Bovill, said that the FCA was “putting principle 7 on a pedestal” in this outcome by saying that that every significant influence function holder in the firm responsible for a given function was also responsible for related compliance, and that included the chief executive. “In this case Swinton’s former chief executive Peter Halpin had chairmanship of the compliance board, and it is clear that the FCA took account of that in assessing his behaviour. This role gave him a degree of responsibility he would not have otherwise had,” Kovas said. “Most firms have some form of compliance committee but there was a clear failure here by Peter Halpin to perform his role in overseeing compliance”.

 

 

Alex Davidson, Compliance Complete