FCA has finally issued its final notice banning Angela Burns from acting as a NED and has fined her £20,000. Ms Burns acted as NED for two mutual societies and was chair of their investment committees. She provided advice on appointing Vanguard Asset Management Limited as investment manager, and the societies believed this advice was independent. However, Ms Burns was also soliciting work from Vanguard and seeking to act as a Vanguard consultant, referring to her NED positions. She did not tell the societies this.
FCA said Ms Burns lacked integrity. Ms Burns had appealed the decision to the Upper Tribunal and subsequently to the Court of Appeal. The Supreme Court has now denied her application for permission to appeal further, so FCA has been able to issue the final notice.