FIN.

FCA refuses SMF29 application

FCA has published its final notice refusing the application of an individual to perform the SMF 29 function for Servicesport Finance Limited. The individual in question was a solicitor who had failed to disclose SRA disciplinary issues (which FCA expected to be disclosed even though the outcome was favourable), who challenged most of FCA’s requests for information, who proposed that the role would require only 3 hours per year of his time, and who would only become employed by the firm when the role started. FCA did not consider that the proposed scope of the role would be sufficient to meet its requirements.  The candidate was already performing the SMF 29 function at several other firms.

Emma Radmore