FSA bans broker for TCF failures
The FSA concluded that Heaney lacks integrity and is not competent to run an authorised firm.
Heaney entrusted the running of his business to an inexperienced employee and did not ensure that his advisers received adequate training and support. Having delegated so much responsibility to another person however, he failed to put in place management information that could have helped him be informed about the business being conducted in his name.
Another consequence of the weak controls was that he exposed his business to the risk of being used by third parties to commit mortgage fraud.
Heaney also failed to take remedial action identified by two compliance consultants and the FSA, and he did not have in place a complaint handling procedure.
Margaret Cole, FSA director of enforcement and financial crime, said: “This is a blatant example of a business man taking insufficient interest in the conduct of business written in his name and ignoring repeated warnings about its deficiencies. Put simply, Heaney failed to treat his customers fairly and we are holding him to account for it.
“This case also highlights the effectiveness of our small firms’ assessment programme where we engage with responsible small firms operating in the UK retail markets who recognise that they have obligations to their retail customers. But, to continue helping consumers, we must also continue to deal robustly with the firms and individuals who do not engage with us to ensure the fair treatment of their customers.”
Noel Heaney traded as Heaney Finance, and was an authorised person and sole trader. Heaney Finance is based in Lisburn, County Antrim, Northern Ireland. The permission of Heaney Finance has also been cancelled.