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FCA/FSA final notice

Final Notices and fines are issued by the FCA (formally the FSA)  for breaches of the FCA Principles of Business. This is also a breach of the Chartered Insurance Institute's (CII) Code of Ethics.

Where the Preliminary Screener (cases prior to May 2013), Case Examiner or  Disciplinary Panel has decided to publish details of a disciplinary case ascribed (i.e. where an individual has been named), every care has been taken to identify members/students correctly. Please contact the CII if there is any doubt about the identity of a member/student who may have been the subject of disciplinary proceedings and in relation to whom a report has been published.

CII wishes to make clear that, unless the case reported indicates otherwise, allegations and findings against members/students do not implicate those members' or students' employers in any way.

Mr Simon Kuun, Cert PFS of MFP Group Plc, Brumsgrove, West Midlands, UK

Disciplinary Hearing date 15 September 2010 - While a member of the CII, Mr Simon Kuun, a director of an unauthorised firm named MFP Group Plc, was subject to a Final Notice issued by the FSA in December 2009. The FSA had imposed a fine and prohibited Mr Kuun from performing any function in relation to any regulated activity carried on by an authorised or exempt person or exempt professional firm. Mr Kuun had failed to disclose relevant information and provided inaccurate and, in some instances, misleading information to the FSA, in particular, concerning the extent of his involvement with a company named Membership Services Limited.   In view of the seriousness of the charges and having taken into account Mr Kuun's mitigation, the CII's Disciplinary Panel ordered that the Member be expelled from the CII membership for 5 years. The Member was also fined and ordered to pay towards the investigation and legal costs.

Mr Peter Sprung of Norley, Cheshire, UK

Disciplinary Hearing date 13 May 2010 - Mr Peter Sprung, Chief Executive of Park Row Associates Ltd and holder of a DipPFS designation, had been the subject of disciplinary action by the FSA. Their decision had been published in February 2010. This resulted in a significant fine and the withdrawal of Mr Sprung's approval to perform controlled functions involving the exercise of any significant influence in relation to Park Row and an undertaking not to make any application to the FSA to be approved for, any significant influence function for a period of five years.
In view of the seriousness of the FSA's action in relation to Mr Sprung's conduct whilst a Director and Chief Executive of Park Row Associates Ltd between January 2007 and January 2009, the CII's Disciplinary Panel ordered that the Member be banned from membership of the CII for a period of 5 years. Mr Sprung was also fined and ordered to pay towards the investigations and legal costs.

 

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