Final Notice
On , the Financial Conduct Authority issued a Final Notice to Aiden Henderson
FINAL NOTICE
1.
ACTION
1.1. For the reasons given in this Final Notice, the Authority hereby:
(1)
imposes on Aiden Henderson, pursuant to section 66 of the Financial
Services and Markets Act 2000 (“the Act”), a financial penalty of
£199,939;
(2)
makes an order which takes effect from the date of this Final Notice,
pursuant to section 56 of the Act, prohibiting Mr Henderson from
performing any function in relation to any regulated activity carried on by
an authorised person, exempt person, or exempt professional firm.
2.
REASONS FOR ACTION
2.1. By a decision notice dated 6 December 2018, the Authority notified Mr Henderson
that it had decided to impose on him a financial penalty for breaching Statement of
Principle 1 (Integrity) of the Authority’s Statements of Principle for Approved
Persons between 30 October 2013 and 8 July 2015 by acting dishonestly and
recklessly when performing his controlled functions in relation to Henderson Carter
Associates Limited’s (“HCA”) pension business. Mr Henderson held the controlled
functions CF1 (Director), CF10 (Compliance Oversight), CF11 (Money Laundering
Reporting) and CF30 (Customer) in respect of HCA.
2.2. By the same decision notice, the Authority notified Mr Henderson that it had
decided to make an order prohibiting him from performing any function in relation
to any regulated activity carried on by an authorised person, exempt person or
exempt professional firm (“the prohibition order”), as Mr Henderson’s dishonest
and reckless conduct demonstrated that he lacks integrity and is not a fit and
proper person.
2.3. On 1 February 2019 Mr Henderson referred the decision notice to the Upper
Tribunal (Tax and Chancery Chamber) (“the Tribunal”). The Tribunal released a
written decision in respect of this reference on 4 May 2022. The decision can be
found on the Tribunal’s website at:
2.4. The Tribunal determined that the appropriate action for the Authority to take was
to impose on Mr Henderson a financial penalty of £179,179, plus continuing
interest since the date of his decision notice on the amount of the financial benefit
received by Mr Henderson derived directly from his breaches and calculated at the
rate of 8% per annum. The Tribunal remitted the reference to the Authority with a
direction to impose a penalty on Mr Henderson in that amount. The interest on Mr
Henderson’s benefit at 8% per year to the date of this Final Notice amounts to
£20,760. The Authority therefore imposes a total financial penalty of £199,939 on
Mr Henderson. The Tribunal dismissed the reference of Mr Henderson in respect of
the prohibition order.
2.5. In light of the above and in accordance with the Tribunal’s direction, the Authority
has issued this Final Notice.
3.
PROCEDURAL MATTERS
3.1. This Final Notice is given under, and in accordance with, section 390 of the Act.
3
Manner of and time for payment
3.2. This Final Notice is given under, and in accordance with, section 390 of the Act.
The financial penalty must be paid in full by Mr Henderson to the Authority by no
later than 1 June 2022, 16 days from the date of this Final Notice.
If the financial penalty is not paid
3.3. If all or any of the financial penalty is outstanding on 2 June 2022, the Authority
may recover the outstanding amount as a debt owed by Mr Henderson and due to
the Authority.
3.4. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Final Notice relates. Under those
provisions, the Authority must publish such information about the matter to which
the notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to the person with respect to whom the action is taken or
prejudicial to the interests of consumers or detrimental to the stability of the UK
financial system.
3.5. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contacts
3.6. For more information concerning this matter generally, contact Helen Tibbetts
(direct line: 020 7066 0656) at the Authority.
Enforcement and Market Oversight Division
1.
ACTION
1.1. For the reasons given in this Final Notice, the Authority hereby:
(1)
imposes on Aiden Henderson, pursuant to section 66 of the Financial
Services and Markets Act 2000 (“the Act”), a financial penalty of
£199,939;
(2)
makes an order which takes effect from the date of this Final Notice,
pursuant to section 56 of the Act, prohibiting Mr Henderson from
performing any function in relation to any regulated activity carried on by
an authorised person, exempt person, or exempt professional firm.
2.
REASONS FOR ACTION
2.1. By a decision notice dated 6 December 2018, the Authority notified Mr Henderson
that it had decided to impose on him a financial penalty for breaching Statement of
Principle 1 (Integrity) of the Authority’s Statements of Principle for Approved
Persons between 30 October 2013 and 8 July 2015 by acting dishonestly and
recklessly when performing his controlled functions in relation to Henderson Carter
Associates Limited’s (“HCA”) pension business. Mr Henderson held the controlled
functions CF1 (Director), CF10 (Compliance Oversight), CF11 (Money Laundering
Reporting) and CF30 (Customer) in respect of HCA.
2.2. By the same decision notice, the Authority notified Mr Henderson that it had
decided to make an order prohibiting him from performing any function in relation
to any regulated activity carried on by an authorised person, exempt person or
exempt professional firm (“the prohibition order”), as Mr Henderson’s dishonest
and reckless conduct demonstrated that he lacks integrity and is not a fit and
proper person.
2.3. On 1 February 2019 Mr Henderson referred the decision notice to the Upper
Tribunal (Tax and Chancery Chamber) (“the Tribunal”). The Tribunal released a
written decision in respect of this reference on 4 May 2022. The decision can be
found on the Tribunal’s website at:
2.4. The Tribunal determined that the appropriate action for the Authority to take was
to impose on Mr Henderson a financial penalty of £179,179, plus continuing
interest since the date of his decision notice on the amount of the financial benefit
received by Mr Henderson derived directly from his breaches and calculated at the
rate of 8% per annum. The Tribunal remitted the reference to the Authority with a
direction to impose a penalty on Mr Henderson in that amount. The interest on Mr
Henderson’s benefit at 8% per year to the date of this Final Notice amounts to
£20,760. The Authority therefore imposes a total financial penalty of £199,939 on
Mr Henderson. The Tribunal dismissed the reference of Mr Henderson in respect of
the prohibition order.
2.5. In light of the above and in accordance with the Tribunal’s direction, the Authority
has issued this Final Notice.
3.
PROCEDURAL MATTERS
3.1. This Final Notice is given under, and in accordance with, section 390 of the Act.
3
Manner of and time for payment
3.2. This Final Notice is given under, and in accordance with, section 390 of the Act.
The financial penalty must be paid in full by Mr Henderson to the Authority by no
later than 1 June 2022, 16 days from the date of this Final Notice.
If the financial penalty is not paid
3.3. If all or any of the financial penalty is outstanding on 2 June 2022, the Authority
may recover the outstanding amount as a debt owed by Mr Henderson and due to
the Authority.
3.4. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Final Notice relates. Under those
provisions, the Authority must publish such information about the matter to which
the notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to the person with respect to whom the action is taken or
prejudicial to the interests of consumers or detrimental to the stability of the UK
financial system.
3.5. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contacts
3.6. For more information concerning this matter generally, contact Helen Tibbetts
(direct line: 020 7066 0656) at the Authority.
Enforcement and Market Oversight Division