Warning for regulated firms following compliance officer fine

Today the regulator fined David Watters £75,000 for failing to exercise due skill, care and diligence in his role as compliance oversight officer.

Following an investigation the FCA found that Watters failed to take reasonable steps to ensure that the process in place for giving advice on enhanced transfer value (ETV) pension transfer exercises met regulatory standards.

This has led Dixon, who has 25 years’ board experience in compliance and risk roles, to make a stark warning to regulated firms.

He said: “While many, many firms have been fined in the past for compliance failings, and indeed some have been fined repeatedly, the singling out here and fining of an individual compliance officer for such a large amount is a game changer.

“The clear message to regulated firms is that compliance needs to be a boardroom issue and they can’t simply dump it on one person and forget about it.

Source: Mortgage Introducer

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