In Angela Burns v The Financial Conduct Authority [2014] UKUT 0509 (TCC) the Upper Tribunal held that Ms Burns was not fit and proper, as she failed to disclose conflicts of interests in relation to her role as a non-executive director for two organisations.

Ms Burns challenged an FSA (the predecessor of the FCA) decision that imposed a prohibition order and fine of £154,800 for failing to disclose conflicts of interest during her employment as a non-executive director (see Daily News 28 May 2013). The Tribunal found that Ms Burns had:

• created a situation whereby her personal interests in seeking to further her relationship with Vanguard Asset Management Limited (Vanguard), part of a large US group, conflicted with her non-executive roles with two other companies;
• failed to disclose her consultancy work and attempts to solicit a non-executive role with Vanguard at a board meeting at one of those other organisations; and
• breached Principle 1 of the FCA’s Statements of Principle for Approved Persons by failing to act with integrity in her role as a non-executive director.

The Tribunal will consider the issue of the appropriate sanctions at a later hearing if not agreed between the parties.

A copy of the upper tribunal decision is available. http://bit.ly/1wcPUx3