FRC imposes Severe Reprimand on Richard Jones

The Financial Reporting Council (FRC) has imposed a Severe Reprimand and a financial penalty of £100,000 to Richard Jones in relation to misconduct from actuarial advisory services.

Jones provided advisory services to the Coats Group plc, which was formerly known as the Guinness Peat Group (GPG), between September 2005 to March 2012.

Over this period of time, Jones advised individual GPG executives in their capacity as trustees of three defined pension schemes of subsidiary companies within GPG, despite the issue of obvious conflicts of interest.

He received information and documents that were confidential to the trustee bodies of the relevant pension schemes, and did so without ensuring that disclosure to him had been properly authorised.

In a statement, the independent regulator said: “The sanctions imposed take into account that Mr Jones’ conduct was not dishonest and that he did not benefit financially as a result.

“The FRC also took into account Mr Jones’ good disciplinary record, his contrition for the Misconduct and his full cooperation during the course of the investigation.”