The FCA says Markos Markou of Financial Solutions Euro (FSE) is "not a fit and proper person" and has withdrawn his approval to perform his current senior management functions, made an order prohibiting him from performing any functions in relation to any regulated activity and imposed a penalty of £25,000.
The FCA found that, between 2015 and 2017, Markou did not have appropriate oversight of FSE's mortgage business. He also failed to take sufficient steps to prevent FSE from transacting mortgage business between July 2017 and October 2017, during which period he was aware that FSE did not have valid professional indemnity insurance.
Following interventions by the FCA between 2011 and 2015, the regulator says Markou was "fully aware of the serious risks that this conduct created". By ignoring the risks, the FCA believes that Markou "acted recklessly and demonstrated a lack of integrity". The FCA added that his conduct placed FSE at risk of being used as a vehicle for financial crime and did not appropriately protect the interests of consumers.
Markou has referred the Decision Notice to the Upper Tribunal where he and the FCA will each present their cases. The Tribunal will then determine what, if any, is the appropriate action for the FCA to take.
As a result, the action outlined in the Decision Notice is provisional and will have no effect pending the determination of the case by the Tribunal.
The FCA says that at this stage, "the matters stated in the Decision Notice therefore reflect the FCA's belief as to what occurred and how Mr Markou’s behaviour is to be characterised".
