Final Notice
On , the Financial Conduct Authority issued a Final Notice to Thomas Henry Ward
FINAL NOTICE
1.
ACTION
1.1. For the reasons given in this Final Notice, the Authority hereby:
(1)
imposes on Mr Thomas Ward, pursuant to section 63A(1) of the Financial
Services and Markets Act 2000 (“the Act”), a financial penalty of
£482,718;
(2)
makes an order which takes effect from the date of this Final Notice,
pursuant to section 56 of the Act, prohibiting Mr Ward from performing
any function in relation to any regulated activity carried on by an
authorised person, exempt person, or exempt professional firm.
2.
REASONS FOR ACTION
2.1. By a decision notice dated 6 December 2018, the Authority notified Mr Ward that it
had decided to impose on him a financial penalty pursuant to section 63A(1) of the
Act for performing the role of a director of Financial Page Ltd (“FPL”) between 3
July 2014 and 1 February 2016 and that he knew, or could reasonably be expected
to have known, that he was doing so without approval from the Authority to
perform the CF1 (Director) controlled function. By performing the role of a director
of FPL in these circumstances Mr Ward acted without integrity. Further, Mr Ward
acted without integrity whilst performing this role.
2.2. By the same decision notice, the Authority notified Mr Ward that it had decided to
make an order prohibiting him from performing any function in relation to any
regulated activity carried on by an authorised person, exempt person or exempt
professional firm (“the prohibition order”), as Mr Ward’s conduct demonstrated that
he lacks integrity and is not a fit and proper person.
2.3. On 1 February 2019 Mr Ward referred the decision notice to the Upper Tribunal
(Tax and Chancery Chamber) (“the Tribunal”). The Tribunal released a written
decision in respect of this reference on 4 May 2022. The decision can be found on
the Tribunal’s website at:
2.4. The Tribunal determined that the appropriate action for the Authority to take was
to impose on Mr Ward a financial penalty of £416,558, plus continuing interest
since the date of his decision notice on the amount of the financial benefit received
by Mr Ward derived directly from his breaches and calculated at the rate of 8% per
annum. The Tribunal remitted the reference to the Authority with a direction to
impose a penalty on Mr Ward in that amount. The interest on Mr Ward’s benefit at
8% per year to the date of this Final Notice amounts to £66,160. The Authority
therefore imposes a total financial penalty of £482,718 on Mr Ward. The Tribunal
dismissed the reference of Mr Ward in respect of the prohibition order.
2.5. In light of the above and in accordance with the Tribunal’s direction, the Authority
has issued this Final Notice.
3.
PROCEDURAL MATTERS
3.1. This Final Notice is given under, and in accordance with, section 390 of the Act.
Manner of and time for payment
3.2. This Final Notice is given under, and in accordance with, section 390 of the Act.
The financial penalty must be paid in full by Mr Ward to the Authority by no later
than 1 June 2022, 16 days from the date of this Final Notice.
3
If the financial penalty is not paid
3.3. If all or any of the financial penalty is outstanding on 2 June 2022, the Authority
may recover the outstanding amount as a debt owed by Mr Ward and due to the
Authority.
3.4. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Final Notice relates. Under those
provisions, the Authority must publish such information about the matter to which
the notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to the person with respect to whom the action is taken or
prejudicial to the interests of consumers or detrimental to the stability of the UK
financial system.
3.5. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contacts
3.6. For more information concerning this matter generally, contact Helen Tibbetts
(direct line: 020 7066 0656) at the Authority.
Enforcement and Market Oversight Division
1.
ACTION
1.1. For the reasons given in this Final Notice, the Authority hereby:
(1)
imposes on Mr Thomas Ward, pursuant to section 63A(1) of the Financial
Services and Markets Act 2000 (“the Act”), a financial penalty of
£482,718;
(2)
makes an order which takes effect from the date of this Final Notice,
pursuant to section 56 of the Act, prohibiting Mr Ward from performing
any function in relation to any regulated activity carried on by an
authorised person, exempt person, or exempt professional firm.
2.
REASONS FOR ACTION
2.1. By a decision notice dated 6 December 2018, the Authority notified Mr Ward that it
had decided to impose on him a financial penalty pursuant to section 63A(1) of the
Act for performing the role of a director of Financial Page Ltd (“FPL”) between 3
July 2014 and 1 February 2016 and that he knew, or could reasonably be expected
to have known, that he was doing so without approval from the Authority to
perform the CF1 (Director) controlled function. By performing the role of a director
of FPL in these circumstances Mr Ward acted without integrity. Further, Mr Ward
acted without integrity whilst performing this role.
2.2. By the same decision notice, the Authority notified Mr Ward that it had decided to
make an order prohibiting him from performing any function in relation to any
regulated activity carried on by an authorised person, exempt person or exempt
professional firm (“the prohibition order”), as Mr Ward’s conduct demonstrated that
he lacks integrity and is not a fit and proper person.
2.3. On 1 February 2019 Mr Ward referred the decision notice to the Upper Tribunal
(Tax and Chancery Chamber) (“the Tribunal”). The Tribunal released a written
decision in respect of this reference on 4 May 2022. The decision can be found on
the Tribunal’s website at:
2.4. The Tribunal determined that the appropriate action for the Authority to take was
to impose on Mr Ward a financial penalty of £416,558, plus continuing interest
since the date of his decision notice on the amount of the financial benefit received
by Mr Ward derived directly from his breaches and calculated at the rate of 8% per
annum. The Tribunal remitted the reference to the Authority with a direction to
impose a penalty on Mr Ward in that amount. The interest on Mr Ward’s benefit at
8% per year to the date of this Final Notice amounts to £66,160. The Authority
therefore imposes a total financial penalty of £482,718 on Mr Ward. The Tribunal
dismissed the reference of Mr Ward in respect of the prohibition order.
2.5. In light of the above and in accordance with the Tribunal’s direction, the Authority
has issued this Final Notice.
3.
PROCEDURAL MATTERS
3.1. This Final Notice is given under, and in accordance with, section 390 of the Act.
Manner of and time for payment
3.2. This Final Notice is given under, and in accordance with, section 390 of the Act.
The financial penalty must be paid in full by Mr Ward to the Authority by no later
than 1 June 2022, 16 days from the date of this Final Notice.
3
If the financial penalty is not paid
3.3. If all or any of the financial penalty is outstanding on 2 June 2022, the Authority
may recover the outstanding amount as a debt owed by Mr Ward and due to the
Authority.
3.4. Sections 391(4), 391(6) and 391(7) of the Act apply to the publication of
information about the matter to which this Final Notice relates. Under those
provisions, the Authority must publish such information about the matter to which
the notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to the person with respect to whom the action is taken or
prejudicial to the interests of consumers or detrimental to the stability of the UK
financial system.
3.5. The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contacts
3.6. For more information concerning this matter generally, contact Helen Tibbetts
(direct line: 020 7066 0656) at the Authority.
Enforcement and Market Oversight Division