The Qatar Financial Centre Regulatory Authority (QFCRA) has decided to issue a public censure against Vincent Jones, the chairman and independent director of Guardian Wealth Management Qatar (GWMQ), an insurance intermediary that is now under liquidation.
The regulatory authority's decision to censure him comes under Article 58 of the Financial Services Regulations because his conduct reportedly "fell below" the Principles of Conduct for an Approved Individual performing the non-executive governance function.
Jones had provided evidence of significant mitigating circumstances, in the absence of which the regulatory authority would have imposed a financial penalty of $75,000 and a two-year prohibition.
According to the QFCRA, the individual failed to act with due skill, care and diligence in relation to his oversight of the GWMQ’s compliance with the Governance and Controlled Functions Rules 2012, particularly failure in establishing an appropriate corporate governance framework; reviewing the GWMQ risk management and internal controls framework appropriately and with sufficient frequency; and ensuring that GWMQ’s business was financially sound and maintained transparency and disclosure.
The QFCRA also noted that Jones failed to deal with the regulatory authority in an open and co-operative manner and disclosing appropriately to it any information that the QFCRA would reasonably expect notice.
The action taken by the regulatory authority emphasises the standards required of directors of authorised firms to ensure effective governance standards and systems and controls to combat 'illicit' finance, the QFCRA said.
Jones had provided evidence of significant mitigating circumstances, in the absence of which the regulatory authority would have imposed a financial penalty of $75,000 and a two-year prohibition.
According to the QFCRA, the individual failed to act with due skill, care and diligence in relation to his oversight of the GWMQ’s compliance with the Governance and Controlled Functions Rules 2012, particularly failure in establishing an appropriate corporate governance framework; reviewing the GWMQ risk management and internal controls framework appropriately and with sufficient frequency; and ensuring that GWMQ’s business was financially sound and maintained transparency and disclosure.
The QFCRA also noted that Jones failed to deal with the regulatory authority in an open and co-operative manner and disclosing appropriately to it any information that the QFCRA would reasonably expect notice.
The action taken by the regulatory authority emphasises the standards required of directors of authorised firms to ensure effective governance standards and systems and controls to combat 'illicit' finance, the QFCRA said.
