FCA Settlement

RNS Number : 8111P
W.H. Ireland Group PLC
23 February 2016

WH Ireland Group PLC

(“WH Ireland” or the “Company”)

FCA Settlement

As was referenced in our trading statement issued on the 18 December 2015, the Board of WH Ireland (The Company) today notes the announcement issued by the Financial Conduct Authority (“FCA”). This announcement concerns breaches of the Company under Principle 3 due to the failure to take reasonable care to organise and control effectively systems and controls in order to protect against the risk of market abuse occurring during the period 1 January 2013 to 19 June 2013. The sanctions imposed comprise both a fine of £1.2m and a restriction for 72 days from taking on new Corporate Broking clients in relation to the carrying on of our regulated activities. (This sanction has no impact on the existing client relationships within the Corporate Broking division). The fine is payable within 14 days of the Final Notice being signed and the sanctions will run from midnight on Monday 22 February to midnight on Wednesday 4 May 2016.

WH Ireland has taken this issue very seriously from the outset, as is reflected by the significant investment that the firm has made both in time to address these issues and in the recruitment of a new senior management team to instil and ensure best corporate practice. The Board is pleased to note that the FCA recognised that the Company had co-operated fully with the investigation, and that the new senior management team had already identified, and were putting in place, changes to the systems and controls procedures both before and during the relevant period above. 

Commenting on the resolution of the issue, Richard Killingbeck, Chief Executive of WH Ireland stated “As the FCA has noted we have made, and continue to make, wholesale changes to our management team and our systems and controls. We regret that we fell short of the FCA’s expectations but since the beginning of my tenure in early 2013, significant changes have been made at the Company and new specific oversight functions have been created. This cultural change will continue to lead to the improvement in the regulatory oversight across the Company. Looking forward, we, the management team can now focus our efforts on developing both our Wealth Management and Corporate Broking divisions, and continue to provide a high level of service for clients, alongside driving revenues and creating long term value for our shareholders. We are pleased that this matter has been fully resolved with the FCA.”



WH Ireland Group plc                                                                        www.wh-ireland.co.uk

Richard Killingbeck, Chief Executive Officer                                    +44(0) 20 7220 1666


SPARK Advisory Partners Limited

Mark Brady/Miriam Greenwood

            +44(0) 20 3368 3551/3550

Novella Communications

Tim Robertson/Ben Heath

          44 (0) 20 3151 7008


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