In June of last year Vantage Capital Markets LLP (VCM), an inter-dealer broker, was subject to a fine of £700K arising from the activities of Daniel Hassell.
Mr Hassell’s former business merged with VCM’s predecessor company and he played a part in the formation of VCM. It would seem that he continued to play a role in the firm. Although VCM had made two attempts to get Mr Hassell to be an approved person, on both occasions the Regulator did not grant approved status.
Mr Hassell was described as a consultant but despite that title he was deemed to have significant influence over VCM; examples quoted included him attending management and board meetings and him receiving approximately one-third of the profits with the balance being split between the capital partners.
An ARROW visit in 2009 led the FSA to query the extent of Mr Hassell’s involvement in VCM. The firm was deemed not to have taken reasonable care to limit the scope of an individual’s influence and role and for allowing a non-approved person to perform a controlled function.
A Final Notice advising that a prohibition order has been imposed on Mr Hassell has now been published. The effect of the order is that he is prohibited from performing any function in relation to any regulated activity which means that, as is said in the FSA press release, he is banned from working in regulated financial services.
