FSA fines former finance director at SIPP operator Montpelier

MPAS operated two self-invested personal pension (SIPP) schemes with approximately 1,400 members in total. The FSA said Sampson failed to understand or ensure MPAS was meeting its regulatory capital requirements, monitor its liquid capital or correctly inform the regulator of its capital position. As a result, MPAS's regulatory returns were wrong and no one at the firm knew that MPAS had been operating in breach of its regulatory capital requirements for approximately 15 months. Although no actual consumer detriment occurred, Sampson exposed MPAS to the risk of being unable to fulf...