The Financial Conduct authority has banned Angela Burns from acting as a non-executive director and has fined her £20,000 for failing to act with integrity at two mutual societies.

The FCA says that Angela Burns is an experienced UK investment 'professional' and the chief executive of her own investment consultancy. Between January 2009 and May 2011 she was a NED at two mutual societies and served as the chair of their investment committees. Both mutual societies were seeking investment manager services and wanted her expert advice and guidance on the subject. She participated in discussions about Vanguard Asset Management Ltd, a well-known US investment manager that had just opened offices in the UK, at both mutual societies. At the same time, however, she was soliciting consultancy work from Vanguard by referring to her NED positions at the Mutual Societies while she was providing them with what they thought was impartial advice. She did not tell either mutual society about this. Directors have a duty to disclose or avoid conflicts of interest, which is why the FCA felt constrained to intervene.

FCA Statement of Principle 1, which requires 'approved persons' to act with integrity in carrying out their 'controlled functions.'

The old Financial Services Authority determined to punish Ms Burns long ago, but she referred its decision notice on 21 December 2012 to the Upper Tribunal, which decided in December 2014 that she had breached principle 1 and was not a fit and proper person to carry out the CF2 (non-executive director) function. She swiftly appealed to the Court of Appeal, which dismissed her appeal in December last year. She swiftly asked the Supreme Court to hear a further appeal, but it refused her application for permission to appeal on 27 November.