Financial Conduct Authority
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FCA bans three individuals from working in the financial services industry for non-financial misconduct

The Financial Conduct Authority (FCA) has prohibited Russell David Jameson, Mark Horsey, and Frank Cochran from working in the financial services industry following findings that they are not fit and proper. Each of them had been convicted of serious non-financial indictable offences while working in the financial services industry.

Mark Steward, Executive Director of Enforcement and Market Oversight, yesterday said:

“The FCA expects high standards of character, probity and fitness and properness from those who operate in the financial services industry and will take action to ensure these standards are maintained.”

Russell David Jameson

Jameson was a financial adviser at an authorised firm and was approved by the FCA to hold various significant influence and customer facing functions at the firm.

In July 2018, Jameson was convicted of serious criminal offences involving the making, possession and distribution of indecent images of children. Between January 2013 and August 2017, Jameson made thousands of indecent photographs of children and had thousands of such images in his possession, including films and images of the utmost severity. These offences were committed whilst Jameson was an approved person.

Jameson was sentenced to five years’ imprisonment, ordered to sign the sex offenders register indefinitely, and included in the list of individuals barred from working with children or vulnerable adults. 

Mark Horsey

Horsey was the sole director and shareholder of an authorised financial advice firm with permission to conduct designated investment business (including advising on and arranging deals in investments) and insurance distribution. 

In September 2018, Horsey was convicted of voyeurism, contrary to the Sexual Offences Act 2003. Horsey had surreptitiously observed and video recorded his tenant having a shower without their consent. He committed the offence whilst he was an approved person. 

Horsey was sentenced to nine months’ imprisonment suspended for 18 months, required to complete 100 hours of unpaid work and 25 days of rehabilitation activity, and required to sign the sex offenders register. 

Frank Cochran

Cochran was a director and shareholder of an authorised financial advice firm with permission to advise on pensions, mortgages and investments. 

In April 2018, Cochran was convicted of sexual assault, engaging in controlling and coercive behaviour and an offence contrary to the Protection from Harassment Act 1997. These offences were committed whilst he was an approved person. 

Cochran was sentenced to seven years’ imprisonment and required to sign the sex offenders register. 

Notes to Editors

  1. The Final Notice for Russell David Jameson 
  2. The Final Notice for Mark Horsey
  3. The Final Notice for Frank Cochran
  4. All three individuals are prohibited from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or exempt professional firm. 
  5. The decision was made by the FCA’s Regulatory Decisions Committee.
  6. All three individuals had the right to refer the matter to Tribunal. The 28-day period in which a referral can be made has now passed.
  7. Megan Butler, Executive Director of Supervision (Investment and Wholesale) wrote a letter to then Chair of the House of Commons Women and Equalities Committee in September 2018 outlining that the FCA views sexual harassment as misconduct which can drive poor culture.
  8. Christopher Woolard, then Executive Director of Strategy and Competition, gave a speech in December 2018 outlining a clear message to firms: 'non-financial misconduct is misconduct, plain and simple'. 
  9. The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
  10.  Find out more information about the FCA.

 

Channel website: https://www.fca.org.uk/

Original article link: https://www.fca.org.uk/news/press-releases/fca-bans-three-individuals-working-financial-services-industry-non-financial-misconduct

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