The Financial Services Authority (FSA) has prohibited Simon Robins, Compliance Director of Chase UK Corporation Limited (Chase) [of Waterlooville, Hants] for failing to adequately supervise the operations of the firm. As a result of these failings the firm was used by third parties to obtain mortgage applications on a fraudulent basis.

The order bans Robinsfrom performing significant influence functions at any authorised financial firm.

The FSA found that Robins lacked competence and capability. He failed to ensure that:

• the firm took gave suitable advice to its customers;
• the firm had adequate systems and controls in place to enable its mortgage advisory business to be controlled effectively; and
• the business of the firm complied with regulatory requirements and standards.

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Additional Materials

• Press Release
• Final Notice

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Jonathan Phelan, FSA head of retail enforcement, said:

“It is vital that directors demonstrate the necessary competence and capability to ensure their firm provides suitable advice and meets compliance standards. Those who do not demonstrate these qualities face being banned from senior roles in the financial services industry.”

Chase is currently in liquidation and is no longer authorised to conduct regulated business.