UK FCA Angela Burns Fine/Ban

On Dec. 14, UK FCA fined, banned NED £20k for conflict of interest.

  • Angela Burns banned from acting as non-executive director (NED), fined £20,000.


  • Experienced UK investment professional, chief executive of investment consultancy.
  • She acted as NED at two mutual societies and chair of their investment committees.
  • Participated in discussions about Vanguard Asset Management Limited (Vanguard), well-known US investment manager with new UK offices, at both mutual societies.
  • And soliciting work from Vanguard by referring to NED positions at mutual societies.
  • At same time she was providing them with what they thought was impartial advice.
  • Did not tell either mutual society she was seeking consultancy work with Vanguard.
  • Ms Burns found in breach of FCA's statement of principle 1 which requires approved persons to act with integrity when they are carrying out their controlled functions.
  • Nov. 27, 2018, application for permission to appeal to Supreme Court was denied.