FCA bans two individuals from the financial services industry

The FCA has today banned two individuals from performing any function in relation to any regulated activity in the financial services industry.

On 22 November 2013, Richard Aston Clay and Kathryn Joy Clark were charged with dishonesty offences by the Serious Fraud Office and Nottinghamshire Police. The offences committed by Mr Clay and Ms Clark primarily involved investments in relation to Arck LLP made through HD Administrators LLP (HDA) or through other related companies.

On 4 July 2014, Ms Clark pleaded guilty to two counts of forgery and on 3 October 2014, she pleaded guilty to three counts of fraud. On 19 December 2014, Mr Clay pleaded guilty to three counts of fraud.

Mr Clay was sentenced to 10 years and 10 months’ imprisonment and Ms Clark was sentenced to two years’ imprisonment for their offences. Ms Clark’s prison sentence was suspended for two years.

The FCA has concluded that both Mr Clay and Ms Clark are not fit and proper to carry on any function in relation to any regulated activities. In addition to banning Ms Clark, the FCA has also withdrawn her FCA approval in relation to HDA. Mr Clay was not an FCA approved person at HDA, nor has he been an FCA approved person since 2005.

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FCA bans two individuals from the financial services industry


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