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FCA blocks compliance officer due to ‘competence’ concerns

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Following the issue of the notice, Nathan is no longer employed by the firm, which has withdrawn its support for the application. 

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