Final Notice
On , the Financial Conduct Authority issued a Final Notice to William Mark Tristan Freer, Tristan Freer
FINAL NOTICE
To:
William Mark Tristan Freer (Tristan Freer)
1.
ACTION
1.1. For the reasons given in this Final Notice, the Authority hereby:
(1)
imposes on Tristan Freer, pursuant to section 66 of the Financial Services
and Markets Act 2000 (“the Act”), a financial penalty of £42,898;
(2)
makes an order which takes effect from the date of this Final Notice,
pursuant to section 56 of the Act, prohibiting Mr Freer 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 Freer that it
had decided to impose on him a financial penalty for breaching Statement of
Principle 1 (Integrity) of the Authority’s Statements of Principle for Approved
Persons between 9 September 2014 and 12 December 2016 by acting dishonestly
and recklessly when performing his controlled functions in relation to Bank House
Investment Management’s (“BHIM”) pension advice business. Mr Freer held the
controlled functions CF1 (Director), CF10 (Compliance Oversight), CF11 (Money
Laundering Reporting) and CF30 (Customer) in respect of BHIM.
2.2. By the same decision notice, the Authority notified Mr Freer 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 Freer’s dishonest and reckless
conduct demonstrated that he lacks integrity and is not a fit and proper person.
2.3. On 30 January 2019 Mr Freer 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 Freer a financial penalty of £42,525, plus continuing interest since
the date of his decision notice on the amount of the financial benefit received by Mr
Freer 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 Freer in that amount. The interest on Mr Freer’s benefit at
8% per year to the date of this Final Notice amounts to £373. The Authority
therefore imposes a total financial penalty of £42,898 on Mr Freer. The Tribunal
dismissed the reference of Mr Freer 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 Freer 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 Freer 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
To:
William Mark Tristan Freer (Tristan Freer)
1.
ACTION
1.1. For the reasons given in this Final Notice, the Authority hereby:
(1)
imposes on Tristan Freer, pursuant to section 66 of the Financial Services
and Markets Act 2000 (“the Act”), a financial penalty of £42,898;
(2)
makes an order which takes effect from the date of this Final Notice,
pursuant to section 56 of the Act, prohibiting Mr Freer 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 Freer that it
had decided to impose on him a financial penalty for breaching Statement of
Principle 1 (Integrity) of the Authority’s Statements of Principle for Approved
Persons between 9 September 2014 and 12 December 2016 by acting dishonestly
and recklessly when performing his controlled functions in relation to Bank House
Investment Management’s (“BHIM”) pension advice business. Mr Freer held the
controlled functions CF1 (Director), CF10 (Compliance Oversight), CF11 (Money
Laundering Reporting) and CF30 (Customer) in respect of BHIM.
2.2. By the same decision notice, the Authority notified Mr Freer 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 Freer’s dishonest and reckless
conduct demonstrated that he lacks integrity and is not a fit and proper person.
2.3. On 30 January 2019 Mr Freer 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 Freer a financial penalty of £42,525, plus continuing interest since
the date of his decision notice on the amount of the financial benefit received by Mr
Freer 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 Freer in that amount. The interest on Mr Freer’s benefit at
8% per year to the date of this Final Notice amounts to £373. The Authority
therefore imposes a total financial penalty of £42,898 on Mr Freer. The Tribunal
dismissed the reference of Mr Freer 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 Freer 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 Freer 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