The FCA has today banned two individuals from performing any function in relation to any regulated activity in the financial services industry.
On 22 November 2013, Richard Aston Clay (‘Mr Clay’) and Kathryn Joy Clark (‘Ms Clark’) were charged with dishonesty offences by the Serious Fraud Office and Nottinghamshire Police. The offences committed by Mr Clay and Ms Clark primarily involved investments in relation to Arck LLP made through HD Administrators LLP (‘HDA’) or through other related companies.
On 4 July 2014, Ms Clark pleaded guilty to two counts of forgery and on 3 October 2014, she pleaded guilty to three counts of fraud. On 19 December 2014, Mr Clay pleaded guilty to three counts of fraud.
Mr Clay was sentenced to 10 years and 10 months’ imprisonment and Ms Clark was sentenced to two years’ imprisonment for their offences. Ms Clark’s prison sentence was suspended for two years.
The FCA has concluded that both Mr Clay and Ms Clark are not fit and proper to carry on any function in relation to any regulated activities. In addition to banning Ms Clark, the FCA has also withdrawn her FCA approval in relation to HDA. Mr Clay was not an FCA approved person at HDA, nor has he been an FCA approved person since 2005.
Notes to editors
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The Final Notices for Richard Clay[1] and Kathryn Clark[2].
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Financial redress information for Investors in Arck LLP and via HD Administrators LLP[3].
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On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
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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.
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Find out more information about the FCA.