Angela Burns is forbidden from acting as a non-executive director after the regulator censured her for “failing to act with integrity” at two mutual societies.
Ms Burns is an experienced UK investment professional and the chief executive of her own investment consultancy.
From January 2009 until May 2011, Ms Burns was a non-executive director at two mutual societies and served as the chair of their investment committees.
Both mutual societies were seeking investment manager services and looked to Ms Burns for her expert advice and guidance.
She participated in discussions about Vanguard Asset Management Limited (Vanguard), a well-known US investment manager that had just opened offices in the UK, at both mutual societies.
She was simultaneously soliciting work from Vanguard by referring to her non-executive director positions at the mutual societies while she was providing them with what they thought was impartial advice.
Ms Burns did not, however, tell either mutual society that she was simultaneously seeking consultancy work with Vanguard.
Mark Steward, executive director of enforcement and market oversight of the FCA, said: “Directors have a duty to disclose or avoid conflicts of interest so they can be addressed by the board.
“In this case, Ms Burns placed herself in a position where her duty as a non-executive director may have conflicted with concurrent opportunities she was pursuing.
“This was neither disclosed nor, as a consequence, could it be addressed by the board.
“This was inappropriate and inconsistent with the standards of integrity expected from senior managers.”
FCA Statement of Principle 1 requires approved persons to act with integrity in carrying out their controlled functions.
Ms Burns actions were said by the regulator to have breached the principle.
The publication of the ban and fine followed lengthy proceedings where Ms Burns’ challenged the FCA’s ruling.
She referred of the FCA’s previous decision notice to the Upper Tribunal on 21 December 2012, then applied to the Court of Appeal.
Ultimately the Supreme Court finally denied her application for permission to appeal on 27 November this year.