Tuesday, 9 February 2016

FCA wash hands of banned Richard Rhys and Rebus fiasco

This gets better and better.

The FCA have stated that Richard Rhys was not in breach of his FSA (FCA) banning order when he was part of the team raising £800k on FCA regulated Crowdcube -  because Rebus was not FCA regulated.

Ok so that bit is simple. But the banning order states -

   The FSA gave Mr Rhys a Further Decision Notice on 6 July 2012 which notified    him that, pursuant to section 56 of the Act, the FSA had decided to impose an    order prohibiting Mr Rhys from performing anyfunction in relation to any      regulated activity carried on by any authorised person, exempt person, or exempt  professional firm on the grounds that he is not a fit and proper person in that he  lacks competence and capability

  So what do you call raising money on an FCA regulated platform (Crowdcube) if it is not -
'    'performing a function in relation to a regulated activity'? 

  The FCA have become a national farce - Im sure if Gilbert or Coward were still with us they would be         scribbling away creating a new FCA play or musical.

  And you do have to ask why Crowdcube are promoting a pitch that employs someone who is not ''a fit
 and proper person in that he lacks competence and capability.''

  Surely we can do better. 

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