If you work in financial services as a financial adviser, broker or compliance officer or in any FCA regulated role a fare evasion conviction could jeopardise your ability to remain authorised. The FCA’s fit and proper person test is broad and dishonesty offences sit at its very core.
What is the FCA fit and proper person test? The FCA requires all individuals performing certain controlled or senior manager functions to be assessed as fit and proper. This assessment covers honesty and integrity and reputation, competence and capability and financial soundness. A criminal conviction, particularly one involving dishonesty, directly engages the first of these criteria.
Is fare evasion treated as a dishonesty offence by the FCA? Yes. The Section 5(1) offence under the Regulation of Railways Act 1889, travelling with intent to avoid payment, is a dishonesty offence. Even the lesser byelaw offences can be viewed as reflecting adversely on a person’s honesty and integrity in the context of an FCA assessment.
Do I need to disclose a fare evasion conviction to my employer or the FCA? Most FCA regulated firms require employees in controlled function roles to disclose criminal convictions promptly. Failure to disclose can itself be treated as a lack of candour, an independent ground for questioning fitness and propriety. The FCA’s own reporting obligations may also require firms to notify the regulator of material changes to a registered individual’s circumstances.
Protect Your FCA Authorisation, Instruct Samir Moftah Today. Samir Moftah at Manak Solicitors understands the serious professional consequences fare evasion proceedings can have for those working in regulated financial services. The priority is to resolve the matter without a criminal conviction and that requires specialist legal intervention at the earliest possible stage. Contact Samir today for a free 15 minute initial discussion where he will set out exactly how he can help with your case. 01689 870769 07731 868916 litigation@manaksolicitors.co.uk
