Dismissing regulated employees raises a host of additional considerations above and beyond a ‘standard’ dismissal. As regulated employees are required to meet the standards set out by the Financial Conduct Authority (FCA) to show they are ‘fit and proper’, the FCA needs a full explanation from you as to why the employment has terminated. Depending on the reason for the dismissal, the FCA may need to assess whether there are grounds to revoke the individual’s authorisation, or impose a fine, particularly if the reason is related to dishonesty or financial misconduct.
If your company carries out regulated functions which requires that you have at least one approved person, but does not require all employees to be approved, you may also need advice on how to ensure your firm can continue to meet its own requirements to the FCA, so that a dismissal does not impact on its ability to continue operating.
Our team can help you to ensure that all steps necessary for dealing with the dismissal of a regulated employee are met, and encourage as seamless a transition as possible. We can also advise you on the legal requirements around providing a regulatory reference.
Vardags Limited is a limited company trading as Vardags, Company No 7199468, registered in England and Wales, having its registered office at 10 Old Bailey, London EC4M 7NG. Vardags is authorised and regulated by the Solicitors Regulation Authority (SRA Number 535955). Its VAT number is 99 001 7230.
Vardags uses the term ‘Partner’ as a professional title only, to describe a Senior Solicitor, Employee or Consultant with relevant experience, expertise and qualifications (whether legally qualified or otherwise) to merit the title. Our Partners are not partners in the legal sense. They are not liable for the debts, liabilities or obligations of Vardags Limited. Similarly, the term ’Director’ is a professional title only, to describe a non-legally qualified employee or consultant of Vardags with relevant experience, expertise and qualifications to merit the title. It does not necessarily imply that the relevant individual is a director of Vardags Limited.
A list of the directors of Vardags Limited and a list of the names of those using the title of ’Director’ and ’Partner’ together with their official status is available for inspection at Vardags’ registered office.