The Financial Conduct Authority (FCA) has fined UK investment professional Angela Burns £20,000 over conflicts of interest. The regulator has also banned her from acting as a non-executive director.
Angela Burns is forbidden from acting as a non-executive director after the UK watchdog censured her for "failing to act with integrity" at two mutual societies. Burns is an experienced UK investment professional and the chief executive of her own investment consultancy.
Between January 2009 and May 2011, Burns was a non-executive director at Marine and General Life Assurance Society and Teachers Provident Society and served as chairman of their investment committees.
But it emerged that while both mutual societies were engaged in discussions about Vanguard over the provision of investment manager services, which Burns took part in, at the same that she was soliciting work from Vanguard.
"Directors have a duty to disclose or avoid conflicts of interest so they can be addressed by the board. In this case, Ms Burns placed herself in a position where her duty as a non-executive director may have conflicted with concurrent opportunities she was pursuing.
"This was neither disclosed nor, as a consequence, could it be addressed by the board. This was inappropriate and inconsistent with the standards of integrity expected from senior managers," Mark Steward, executive director of Enforcement and Market Oversight of the FCA, said.
The publication of the ban and fine followed lengthy proceedings where Burns' challenged the FCA's ruling. She referred of the FCA's previous decision notice to the Upper Tribunal on 21 December 2012, then applied to the Court of Appeal.
Ultimately the Supreme Court finally denied her application for permission to appeal on 27 November this year.