On 28 July 2021, the FCA published their Decision Notice against Markos Markou, the director and Chief Executive of morgage broker firm Financial Solutions (Euro) Limited (FSE)
The regulator noted that they consider that Mr Markou is not a fit and proper person, and they have therefore withdrawn his approval to perform his current senior management functions.
The FCA have further made an order prohibiting him from performing any functions in relation to any regulated activity and imposed a penalty of £25,000.
The basis of the notice relates to Mr Markou’s lack of oversight of a firm’s mortgage business, but interestingly the FCA specifically mention that by ignoring the risks laid out by the FCA during previous interventions, Mr Markou’s conduct placed the firm at risk of being used as a vehicle for financial crime and did not appropriately protect the interests of consumers.
There is no indication that any financial crime took place.
Mr Markou has referred the Decision Notice to the Tribunal where he and the FCA will each present their cases.