Regulation  

FCA declines Ubiety director’s request

FCA declines Ubiety director’s request

The FCA has vetoed a woman’s attempt to buy a stake in a wealth management company of which she was a director.

Lynda Croome tried to buy a 33 per cent controlling interest in Ubiety Wealth Management and notified the regulator of her intention to do so.

But the FCA concluded it had enough information to reasonably conclude that Ms Croome’s reputation, due to an alleged lack of integrity, was not sufficient to satisfy the assessment criteria and it refused to give the purchase the go-ahead.

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According to a final notice, Ms Croome was dismissed from a previous employer, known as Firm B, after it was alleged she had signed money laundering certificates confirming she had met and identified clients and countersigned that the ID enclosed was “a true likeness” of the applicant, without having met them.

Val Smith, chairman of the FCA’s regulatory transactions committee, said Ms Croome did not provide a sufficient level of detail in relation to the issues leading to her dismissal in the notification, nor during the application process, and that evidenced a lack of candour.

“The issues of non-disclosure raise serious concerns in relation to the integrity of Ms Croome.”

According to a final notice issued by the FCA, Ms Croome also said she resigned from an earlier company she worked for, known as Firm A.

The FCA said she had actually been suspended and dismissed after allegations were made against her at Firm A.

In relation to Firm B, Ms Croome said she was investigated, and subsequently dismissed, for completing IDV documentation incorrectly.

The FCA said this made it appear she was dismissed for administrative irregularities, but did not give enough information to determine exactly what happened.

Ms Croome has been a director of Nottingham-based Ubiety Wealth Management since June 2014.