FCA fines BancTrust CEO £99,600 for disclosure failures
The Financial Conduct Authority has decided to fine Carlos Fuenmayor, CEO of BancTrust, £99,600 for failing to disclose three separate matters. Mr. Fuenmayor has referred the Decision Notice to the Upper Tribunal, making the findings provisional.
Hidden regulatory past
Carlos Fuenmayor, Chief Executive of BancTrust, failed to disclose three key matters to the FCA.
He did not report a US Financial Industry Regulatory Authority (FINRA) investigation from December 2017 and a subsequent sanction in June 2019.
Fuenmayor also omitted that his Venezuelan bank accounts were frozen by the National Financial Intelligence Unit in November 2019.
These failures hindered the FCA's assessment of his fitness and propriety.
Transparency is paramount
The FCA stressed that prompt disclosure is vital for maintaining trust in financial services.
Therese Chambers, executive director of enforcement and market oversight, stated: 'Disclosing information which we reasonably expect, and doing it promptly, is key to maintaining trust in financial services and supporting a strong market that works well for consumers.'
Fuenmayor's negligent failures breached Senior Manager Conduct Rule 4, which mandates appropriate disclosure of expected information.