Dawkins banned over mini-bond misconduct and £4 million losses
On October 21, 2026, the Financial Conduct Authority (FCA) banned former Vector Wealth chief executive Jeffrey Dawkins and fined him nearly £270,000. Investors face about £4 million in losses from high-risk bonds.
Authorisation lent a false assurance
In 2019, Dawkins sold Vector Wealth to a disqualified director but told the FCA he remained in charge.
The buyer actually ran the firm, using its authorised status to make high-risk mini-bonds appear safer.
The buyer and former senior manager Kadir Kanizi promoted bonds without adequate risk warnings.
Investors committed £105,000 on average; one invested £1.1 million.
They had to declare themselves high net worth or sophisticated before viewing marketing materials.
Dawkins' penalty reflects the misconduct's seriousness and his failure to cooperate.
He must also repay £57,298 plus interest (£68,257).
The buyer had received a 12-year director ban in August 2014.
Firms must report changes in control.
Hardship reduces Kanizi's penalty
The FCA banned Kanizi from senior management roles for inadequate risk warnings.
It reduced his calculated £80,096 fine to £20,000 for serious financial hardship and agreed not to enforce it if he made that amount available to Vector Wealth's liquidators.
He must complete consumer duty training before any future financial services role.
Vector Wealth's authorisation ended on January 28, 2025.
The FCA permanently banned marketing speculative illiquid securities, including mini-bonds and loan notes, to retail investors from January 1, 2021.
Authorisation does not protect capital
Mini-bonds and loan notes generally lend money to companies for a fixed period in return for interest, with total loss possible if a company fails.
The FCA urges investors to use its Firm Checker and Warning List before investing.
Existing Vector Wealth bondholders should contact the liquidator and check FCA updates.