The UK Financial Conduct Authority (FCA) has prohibited Francis Buckman from performing any function in relation to any regulated activity.
Mr Buckman was involved in a criminal conspiracy to commit fraud by false representation which occurred between January 1, 2017 and October 30, 2017.
When applying for approval to perform a CF8 role in October 2019, Mr Buckman did not disclose to the FCA that he was under criminal investigation for his part in this conspiracy. The scheme was found to have involved no fewer than 122 separate victims and resulted in a total loss of GBP1.2 million to the bank where the victims were account holders.
The FCA concluded that Mr Buckman is not a fit and proper person to perform any functions in relation to any regulated activity. According to the regulator, Mr Buckman’s conviction demonstrates a clear lack of honesty and integrity.
The Authority finds that it is appropriate to impose a prohibition order to advance its consumer protection objectives.
