Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

FCA blocks compliance officer due to ‘competence’ concerns

FCA blocks compliance officer due to ‘competence’ concerns

The Financial Conduct Authority (FCA) has denied a compliance officer approval to perform controlled functions due to concerns over his ‘competence and capability’ to perform said functions.

Rupert Nathan, who was employed by financial trading company Goldenway Global Investments, sent an application to the regulator to perform CF1, CF10, CF11 and CF30 functions.

However, the City watchdog refused to approve him for CF10 and CF11 functions, which are compliance oversight and money laundering reporting officer roles, respectively.

In a final notice, the FCA said: ‘Mr Nathan failed to demonstrate a detailed knowledge and understanding of the implications of the Firm’s operating model, the money laundering and financial crime risks faced by the firm, and the processes that need to be put in place at the firm satisfactorily to address those risks.

‘Furthermore, Mr Nathan did not convey an adequate understanding of the difficulties in assessing the appropriateness of transactions for customers inherent in the firm’s business model, including a sufficient understanding of the risks arising from the firm’s ICAAP.’

Nathan started his career in Australia at a stockbroking firm prior to relocating to London in 1999, according to the notice.

From 2010 to 2013, he was the chief operating officer and head of compliance at a wealth management firm. According to the FCA register, he was at a company called Mint Financial during this period.

He also had a stint at Beaufort Securities.

He was appointed to Goldenway Global in July 2016. The main business of the firm is the sale of CFDs, primarily in foreign exchange and commodity products, to retail clients.

Following the issue of the notice, Nathan is no longer employed by the firm, which has withdrawn its support for the application. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter
Managing risk, unearthing returns
  • A-rated Beagles sells down Brewin Dolphin
  • Electoral Commission reopens Vote Leave probe
  • City grandee says HBOS crisis 'worst moment' of his career
  • Ex-OMGI duo enters model portfolio market with new boutique
  • Abolish stamp duty: six wealth managers' Budget wish lists
  • James Carthew: is the Japanese glass half full, empty, or illusory?
  • The Expert View: William Hill, Mitie and Xaar
  • Overnight Markets: Tech shares buoy Wall Street
  • Tuesday Papers: May told to exploit Merkel crisis to reduce Brexit bill
  • Investors brush off German government worries
  • Buy-to-let crackdown? Charles Stanley's 5 Budget calls
  • Brewin Dolphin's south west assets hit £1bn
  • Wealth Manager Top 100 2017: seven hidden fund talents to watch
  • Read More
    -->