Warning notice statement 14/16

The Financial Conduct Authority (the FCA) gave an individual a Warning Notice on 18
July 2014 proposing to take action in respect of the conduct summarised in this
statement.

IMPORTANT: a warning notice is not the final decision of the FCA. The
individual has the right to make representations to the Regulatory Decisions
Committee (RDC) which, in the light of those representations, will decide on
the appropriate action and whether to issue a decision notice. The RDC is a
Committee of the FCA Board which decides whether the FCA should give certain
statutory notices described as within its scope by the FCA’s Handbook.

If a decision notice is issued, the individual has the right to refer the matter to
the Upper Tribunal which would reach an independent decision on the
appropriate action for the FCA to take, if any.

If either the RDC or the Upper Tribunal decide that no further action should be
taken, the FCA will publish a notice of discontinuance provided it has the
individual’s consent.

The following is a summary of the reasons why the FCA gave the individual a Warning
Notice:


The FCA considers that the individual, who was a partner at a regulated home
finance firm, acted without honesty and integrity, and as such contravened
Statement of Principle 1.


In particular, the FCA considers that the individual:

o
submitted two mortgage applications to lenders in which the individual knowingly
provided false and misleading information to the lender in respect of his income,
specifically by materially overstating his income.