Jean-Noel Alba, the ex-deputy CEO of H20 Asset Management (H2O), has been fined over £1m by the Financial Conduct Authority and banned from the financial services industry for misleading the regulator.
Between April 2015 and November 2019, H20 failed to carry out adequate due diligence on investments relating to German entrepreneur Lars Windhorst's Tennor Group of companies, or companies that he introduced. FCA set to cut red tape for investment firms in effort to streamline regulation A statement from the financial watchdog explained that these investments "were high risk and hard to sell, leaving investor money trapped". In 2024, the FCA agreed that those investors would be paid €250m by H2O, while Windhorst's Tennor Holding was declared bankrupt in June, according to reports...
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