Public statement concerning the prohibition of Heather Ann Kent
Re HEATHER ANN KENT
Action
- The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred on it under section 13 of the Financial Services Act 2008 (the “FSA08”), section 35 of the Insurance Act 2008 (“IA08”), and section 30 of the FSA08.
- During the period from 1 January 2010 to 12 July 2019, Mrs Kent undertook the role of Director (Controlled Function[1] R-4) of a licenceholder. She also undertook the role of Deputy Money Laundering Reporting Officer (Controlled Function R-16), Company Secretary (Controlled Function R-9), director of client entities (Controlled Functions R-23; R-24; R-25; and R-26), and council member of a client foundation (Controlled Function R-27).
- The Authority had cause to assess the fitness and propriety of Mrs Kent as a result of the wider failings identified within the licenceholder (the “Assessment”). Following the Assessment, and considering the Controlled Functions Mrs Kent held within the licenceholder, the Authority has deemed it reasonable, necessary and proportionate that Mrs Kent be prohibited under section 10A of the FSA08, section 29A of the IA08, and section 11B of the Collective Investment Schemes Act 2008 (“CISA08”).
- Mrs Kent is therefore prohibited from:
- performing any controlled function[2] and/or key person roles (or equivalent) for any entity licensed, approved, registered or authorised by the Authority pursuant to section 10A of the FSA08 and section 29A of the IA08. For the avoidance of any doubt this includes the role of ‘principal control officer’[3] for any entity licensed, approved, registered or authorised under the IA08; and
- being a member of the governing body of any scheme pursuant to section 11B of the CISA08 (collectively the “Prohibition”).
- Mrs Kent entered into settlement discussions with the Authority at an early stage, cooperated fully throughout and, accepting responsibility in the Settlement Agreement, sought to finalise matters expeditiously in connection with the Prohibition.
[1] ‘Controlled Function’ is defined as in Appendix 2 of the Authority’s Regulatory Guidance – Fitness and Propriety dated 1 March 2023.
[2] As set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2023.
[3] Controlled function R-12 as set out in the Authority’s Regulatory Guidance titled ‘Fitness and Propriety’ dated 1 March 2023, as further defined in section 54 of the IA08.