The Qatar Financial Centre (“QFC”) Regulatory Authority (the “Regulatory Authority”) has decided to issue a public censure against Mr Vincent Jones, the Chairman and independent director of Guardian Wealth Management Qatar LLC (in liquidation) (“GWMQ”). GWMQ was an insurance intermediary firm that sold mainly long-term savings plans in Qatar.
The Regulatory Authority censures Mr Jones under Article 58 of the Financial Services Regulations because Mr Jones’s conduct fell below the Principles of Conduct for an Approved Individual performing the Non-Executive Governance Function. Mr Jones’s contraventions included:
The action taken by the Regulatory Authority emphasises the standards required of directors of authorised firms to ensure effective governance standards, systems and controls.
Mr Jones provided evidence of significant mitigating circumstances, in the absence of which the Regulatory Authority would have imposed a financial penalty of USD $75,000 and a two-year prohibition.
Source: Press release
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