简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Former CEO of Shard Capital Partners, James Lewis, was fined £120,300 and banned for providing incorrect client account information.
The Financial Conduct Authority (FCA) has imposed a £120,300 fine and a suspension from the financial services industry on former Shard Capital Partners CEO James Lewis. Following two separate occasions in which Lewis was found to have provided deceptive information regarding client funds, the regulatory body initiated these measures.
Lewis misled auditors from May 2017 to June 2015 by asserting that Shard had significant financial reserves on behalf of a particular client. An additional client of the same group owed these funds. In addition to distorting the financial situation, his conduct compromised the market's integrity.
Lewis misinformed another client between June and July 2021 that Shard was securely guarding substantial quantities of money, thereby perpetuating the problems. Lewis, nevertheless, chose to conceal the fact that these funds had been previously transmitted from the client's account.
The misrepresentations made by Lewis were not isolated errors. On both occasions, he had actual knowledge that the erroneous information would be integrated into the client's annual financial statements, leading to significant discrepancies in the reported accounts.
Steve Smart, the FCA's joint executive director of enforcement and market oversight, stated, “Mr. Lewis failed miserably to meet the elevated benchmarks of expertise, diligence, and ethical conduct that we hold in high regard for all individuals entrusted with the leadership of financial institutions.” Smart underscored the paramount importance of precise information in preserving investor confidence and emphasized the substantial financial repercussions that could result from Lewis's conduct.
The FCA discovered these deceptive practices during its investigation into the initial instance of misinformation. During this examination in September 2023, Shard discovered the future misleading activity and promptly contacted the FCA. Lewis himself subsequently notified the regulatory body of his actions.
The FCA's stringent measure serves to highlight how important honesty and transparency are in the financial services industry. It effectively reminds individuals in leadership roles to maintain the utmost levels of integrity. The restriction against Lewis participating in regulated financial operations protects investors' interests and maintains the integrity of financial markets.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
This article explores the concept of risk in financial markets, challenging the common perception that price volatility is the primary source of risk. It argues that the real risk lies in an investor's inability to manage and withstand these fluctuations. The discussion focuses on three key factors that determine an investor's ability to handle risk: mindset, capital, and capital management. Emphasizing the importance of proper position sizing, avoiding full margin trading, maintaining reserve funds, and strategically reinvesting profits, the article provides practical guidelines for effective capital management. It concludes that understanding and applying these principles is crucial for long-term success and sustainability in trading.
In the past week, there has been a 276.1% increase in FX transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, totaling $1.7 billion.
Recently WayOne FX has become a trending topic in forex markets. WikiFX made a comprehension review to help you better understand this broker. we will analyze the reliability of this broker from specific information, regulations, etc. Let’s get into it.
ASIC's new Professional Registers Search system launches in June 2024, streamlining access to multiple professional registers with a single search.