FCA publishes Decision Notice against mortgage broker for lack of oversight
The Financial Conduct Authority (FCA) has published a Decision Notice against Markos Markou, the director and chief executive of a mortgage broker firm, Financial Solutions (Euro) Limited (FSE).
The regulator found that, between 2015 and 2017, Markou did not have appropriate oversight of FSE’s mortgage business.
It said Markou had also failed to take sufficient steps to prevent FSE from transacting mortgage business between July 2017 and October 2017, during which period he was aware that FSE did not have valid professional indemnity (PI) insurance.
The FCA made interventions between 2011 and 2015 and said as such Markou was fully aware of the serious risks that his conduct created.
By ignoring the risks, the FCA believes that Markou acted recklessly and demonstrated a lack of integrity. It added that Markou’s conduct placed FSE at risk of being used as a vehicle for financial crime and did not appropriately protect the interests of consumers.
It Decision Notice said that the FCA considers that Markou is not a fit and proper person and has withdrawn his approval to perform his current senior management functions, made an order prohibiting him from performing any functions in relation to any regulated activity and imposed a penalty of £25,000.
Markou has referred the Decision Notice to the Tribunal.
Accordingly, the action outlined in the Decision Notice is provisional and will have no effect pending the determination of the case by the Tribunal.