FCA fines and bans ex-Shard Capital CEO from working in financial services

After giving false client money info

clock • 1 min read

James Lewis, former CEO of Shard Capital Partners, has been banned by the Financial Conduct Authority from working in financial services following two instances in which he gave auditors incorrect information about clients’ cash held with the company.

The UK's financial regulator also fined Lewis with £120,300. The fine was reduced from £171,900 after Lewis agreed to cooperate during the investigation, and therefore qualified for a 30% reduction of the penalty. In the first instance, Lewis told auditors that between 2015 and 2017, Shard Capital, which he founded in 2010, held hundreds of millions in cash for a particular client. FCA's Sacha Sadan: SDR will help bring 'trust and integrity' back to the sector However in reality, the sum represented debt owed by one of the client's connected companies to the other. In the second...

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