Regulation 

FCA bans compliance officer over convictions

FCA bans compliance officer over convictions

The Financial Conduct Authority has banned a compliance officer who deliberately failed to disclose two criminal convictions.

According to the regulator this showed Adam Lancelot, who operated in the investment adviser sector, was not a fit and proper person.

In 2006 Mr Lancelot was convicted of handling stolen goods and in 2012 he was convicted of four counts of making a false statement or representation to obtain benefit or payment.

But in 2015 and 2016 two firms contacted the FCA asking it to sign off Mr Lancelot to work for their company but in both application forms he failed to disclose his convictions.

When he was interviewed by the FCA Mr Lancelot, of East Sussex, said he had deliberately left out this information to increase the chances of the applications being accepted.

He said he had assumed the FCA would not check and find his criminal record.

Mr Lancelot also admitted to having fabricated a letter, purporting to have been issued by the FCA, which said he had been approved by the regulator to perform some controlled functions.

In its final notice, the FCA said: “The authority considers that these facts and matters demonstrate that Mr Lancelot is dishonest and is not a fit and proper person, and that Mr Lancelot poses a risk to the integrity of the market and to consumers.”

Mr Lancelot is not an approved or authorised person and has never held any approval or authorisation granted by the FCA.

But the regulator has now banned him from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.

Mr Lancelot previously worked for Barclays Wealth and Bank of America.

damian.fantato@ft.com

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