Numbers of Criminal Bankers & City Workers Banned from the City for Crimes The FCA Actually Regulate?

Joel M Benjamin made this Rhyddid Gwybodaeth request to The Financial Conduct Authority

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

Roedd y cais yn rhannol lwyddiannus.

Dear The Financial Conduct Authority,

In December 2014, Blackrock MD Jonathan Burrows was banned from the City of London for life for fare evasion on his daily commute into the City of London https://www.theguardian.com/business/201...

While virtue signalling to City workers regarding expectations of behaviour outside of (regulated) work is welcome, such interventions will not change both the behaviour and culture within the City of London, unless backed up by similarly tough regulatory enforcement for conduct for which the FCA actually has regulatory enforcement remit (unlike rail transport) such as financial fraud.

Please confirm the following:

1) How many financial sector workers in regulated firms have been banned from the City for behaviour or crimes committed at work in the City since December 2014?

2) How many financial sector workers in regulated firms have been banned from the City for behaviour or crimes outside of work, for which the FCA has no regulatory remit, since December 2014?

3) How many of the named and known senior individuals with RBS/GRG and Lloyds/ HBOS have been banned from the City, following release of the GRG s166 and 'Project Lord Turnbull' reports in 2018, which confirm systemic, institutionalised frauds, committed at these banks, actively covered up by management at the highest level of both banks?

I look forward to your response.

Yours faithfully,

Joel M Benjamin

The Financial Conduct Authority

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The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

 

Our ref:  FOI5847

 

 

Dear Mr Benjamin

 

We refer to your request under the Freedom of Information Act 2000 (“the
Act”) for information relating to enforcement action.

 

We are sorry to inform you that we are still processing your request for
information and therefore will not be in a position to answer it fully by
today’s deadline.  This is because we are currently experiencing a very
high volume of incoming requests.  We will endeavour to complete work on
your request and send you a response as soon as possible.

 

In the meantime, we apologise for any inconvenience this delay may cause
and thank you for your understanding and patience.

 

Yours sincerely

 

 

Information Disclosure Team

Financial Conduct Authority

 

 

 

 

 

 

 

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
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of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
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The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

Dear Freedom of Information,

I note this request is now more than one month overdue - please provide a response immediately.

Yours sincerely,

Joel M Benjamin

The Financial Conduct Authority

Thank you for e-mailing the Financial Conduct Authority's Information Access Team. This is an automatic acknowledgement to tell you we have received your email safely. Please do not reply to this email. We will be in touch in due course.

This communication and any attachments may contain personal information. For more information about how and why we use personal information and who to contact with any queries about this, please see our privacy notices: FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR Privacy Notice (https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is confidential and may be subject to legal privilege. It is for intended recipients only. If you are not the intended recipient you must not copy, distribute, publish, rely on or otherwise use it without our consent. Some of our communications may contain confidential information which it could be a criminal offence for you to disclose or use without authority. If you have received this email in error please notify [email address] immediately and delete the email from your computer. Further information on the classification and handling of FCA information can be found on the FCA website (http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator Limited, the FCA on behalf of the Payment Systems Regulator Limited / the Payment Systems Regulator Limited) reserves the right to monitor all email communications for compliance with legal, regulatory and professional standards.

This email is not intended to nor should it be taken to create any legal relations or contractual relationships. This email has originated from the Financial Conduct Authority (FCA), or the Payment Systems Regulator Limited.

The Financial Conduct Authority (FCA) is registered as a limited company in England and Wales No. 1920623. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company in England and Wales No. 8970864. Registered office: 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment Systems Regulator Limited)

Freedom of Information, The Financial Conduct Authority

3 Atodiad

Our ref:        FOI5847

 

Dear Mr Benjamin

 

Freedom of Information : Right to know request

 

We refer to your request under the Freedom of Information Act 2000 (“the
Act”) for information relating to the banning of individuals from the City
for behaviour or crimes committed either at, or outside of, work in the
City.  Full details of your request can be found at Annex A.

 

Your request has now been considered and we apologise for the delay in
responding to you.  We will address each point in turn. Please note that
we have interpreted “the City” to mean the UK-wide financial services
industry.

 

1)     How many financial sector workers in regulated firms have been
banned from the City for behaviour or crimes committed at work in the City
since December 2014?

 

61

 

 

2)     How many financial sector workers in regulated firms have been
banned from the City for behaviour or crimes outside of work, for which
the FCA has no regulatory remit, since December 2014?

 

7; we acted against the majority of these individuals because of
determinations (e.g. convictions) reached on them by other agencies or
authorities.

 

 

3)     How many of the named and known senior individuals with RBS/GRG and
Lloyds/HBOS have been banned from the City, following release of the GRG
s166 and 'Project Lord Turnbull' reports in 2018, which confirm systemic,
institutionalised frauds, committed at these banks, actively covered up by
management at the highest level of both banks?”

 

We can confirm that no individuals have been banned since the release of
the section 166 report into RBS GRG and the Lord Turnbull report relating
to HBOS.  As you may be aware, the FCA has a policy of not normally
commenting publicly on whether or not it is investigating a particular
firm/individual.  This policy is set out in the FCA’s [1]Enforcement Guide
(EG); see in particular [2]EG 6 on Publicity.

 

However, given the public interest in these matters, we have issued public
statements in relation to both investigations.

 

We [3]announced on 7 April 2017 that we are investigating events
surrounding the discovery of misconduct within the Reading-based Impaired
Assets team of HBOS.  Our investigation is focussing on the extent and
nature of the knowledge of these matters within HBOS and its
communications with the Financial Services Authority after the initial
discovery of the misconduct. 

 

On 31 July 2018 the we published our [4]statement on the further
investigative steps in relation to RBS GRG. That statement explained that,
after carefully considering all of the evidence, we have concluded that
our powers to discipline for misconduct do not apply and an action in
relation to senior management for lack of fitness and propriety would not
have reasonable prospects of success. We will publish a fuller account of
our findings, to the extent permitted by the law and after allowing for
any ‘Maxwellisation’ process. 

 

Yours sincerely

 

 

Information Disclosure Team / Cyber and Information Resilience Department
/ Operations

[5]Description: cid:image001.png@01D2A7C9.64DDD390

12 Endeavour Square

London

E20 1JN

 

 

[6]www.fca.org.uk

 

Follow us:

 

[7]Description: https://g.twimg.com/Twitter_logo_blue.pn...
image003

 

 

 

 

Your right to complain under the FoI Act

 

If you are unhappy with the decision made in relation to your request, you
have the right to request an internal review.  If you wish to exercise
this right you should contact us within three months of the date of this
response.

 

If you are not content with the outcome of the internal review, you also
have a right of appeal to the Information Commissioner at Information
Commissioner's Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9
5AF.  Telephone: 01625 545 700.  Website: [9]www.ico.org.uk

 

 

Annex A

 

 

“In December 2014, Blackrock MD Jonathan Burrows was banned from the City
of London for life for fare evasion on his daily commute into the City of
London
[10]https://www.theguardian.com/business/201...

 

While virtue signalling to City workers regarding expectations of
behaviour outside of (regulated) work is welcome, such interventions will
not change both the behaviour and culture within the City of London,
unless backed up by similarly tough regulatory enforcement for conduct for
which the FCA actually has regulatory enforcement remit (unlike rail
transport) such as financial fraud.

 

Please confirm the following:

 

1)     How many financial sector workers in regulated firms have been
banned from the City for behaviour or crimes committed at work in the City
since December 2014?

 

2)     How many financial sector workers in regulated firms have been
banned from the City for behaviour or crimes outside of work, for which
the FCA has no regulatory remit, since December 2014?

 

3)     How many of the named and known senior individuals with RBS/GRG and
Lloyds/HBOS have been banned from the City, following release of the GRG
s166 and 'Project Lord Turnbull' reports in 2018, which confirm systemic,
institutionalised frauds, committed at these banks, actively covered up by
management at the highest level of both banks?”

 

 

 

 

This communication and any attachments may contain personal information.
For more information about how and why we use personal information and who
to contact with any queries about this, please see our privacy notices:
FCA Privacy Notice (https://www.fca.org.uk/data-protection) and PSR
Privacy Notice
(https://www.psr.org.uk/cookies-privacy-a...).

This communication and any attachments contain information which is
confidential and may be subject to legal privilege. It is for intended
recipients only. If you are not the intended recipient you must not copy,
distribute, publish, rely on or otherwise use it without our consent. Some
of our communications may contain confidential information which it could
be a criminal offence for you to disclose or use without authority. If you
have received this email in error please notify [email address]
immediately and delete the email from your computer. Further information
on the classification and handling of FCA information can be found on the
FCA website
(http://www.fca.org.uk/site-info/legal/fc...).

The FCA (or, if this email originates from the Payment Systems Regulator
Limited, the FCA on behalf of the Payment Systems Regulator Limited / the
Payment Systems Regulator Limited) reserves the right to monitor all email
communications for compliance with legal, regulatory and professional
standards.

This email is not intended to nor should it be taken to create any legal
relations or contractual relationships. This email has originated from the
Financial Conduct Authority (FCA), or the Payment Systems Regulator
Limited.

The Financial Conduct Authority (FCA) is registered as a limited company
in England and Wales No. 1920623. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

The Payment Systems Regulator Limited is registered as a limited company
in England and Wales No. 8970864. Registered office: 25 The North
Colonnade, Canary Wharf, London E14 5HS, United Kingdom

Switchboard 020 7066 1000

Web Site http://www.fca.org.uk (FCA); http://www.psr.org.uk (the Payment
Systems Regulator Limited)

References

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6. http://www.fca.org.uk/
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9. http://www.ico.org.uk/
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