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FinanceMagnets
Published on 2024-02-13 | 8 months ago
Ex-Director at LCF Hit with FCA Ban for Misleading Investors
The
Financial Conduct Authority (FCA) has banned and fined Floris Jakobus Huisamen,
a former director at the now defunct London Capital & Finance plc (LCF),
for his role in approving misleading financial promotions that led to losses of
thousands of retail investors.Former LCF Director Banned
and Fined over Misleading Financial PromotionsThe FCA
issued a fine of £31,800 to Mr.Huisamen and banned him from working in
financial services over his "reckless" approval of LCF promotions
while head of compliance. Huisamen consented to a settlement, thus receiving a
30% reduction in his fine. Had this discount not been applied, the fine would
have amounted to £45,500.The
promotions presented LCF mini-bonds as a far more attractive investment than
they actually were, failing to disclose risks like hidden fees and
unsustainable lending practices adequately.Despite his
own concerns, Huisamen did not adequately scrutinize or challenge the claims in
the promotions, did not obtain evidence to support them, and allowed misleading
suggestions that the mini-bonds were FCA-regulated. He continued signing off on
inaccurate promotions even after becoming aware of problems.FCA
Enforcement Director Therese Chambers stated that Huisamen's approval process
became "an ineffective tick-box exercise" that misled investors into
losing money. The FCA said the failings warrant his exclusion from the
industry.“Thousands
of investors were persuaded to invest on the basis of highly misleading
statements. It is right that he can no longer work in financial services,” Chambers
added.The FCA
previously censured LCF itself over misleading promotions. The Serious Fraud
Office is also investigating LCF, which collapsed in 2019, owing investors £236
million.
This article was written by Damian Chmiel at www.financemagnates.com.
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