Editor's View: The advice firm ex-CEO fined £120,300 by the FCA

The editor's Friday Night Takeaway from 10 May

Hope Coumbe
clock • 1 min read

The Financial Conduct Authority had a big win this week, banning the former chief executive of a London financial planning firm from the industry after it was discovered he had provided incorrect information about clients’ cash.

One-time Shard Capital Partners CEO James Lewis has also been fined £120,300 over two separate incidents, which took place between 2015 and 2017. One saw Lewis tell auditors that his firm held a substantial amount of cash for a client, when instead the monies were debts owed by another client. On the other occasion, Lewis told a client that the firm held substantial sums of money on their behalf, when it fact the full balance had been transferred out. Uh oh. Props to the firm for alerting the regulator. Elsewhere, it was recommended to attendees at this week's Personal Finance Society Pu...

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