DOHA: The QFC Regulatory Authority yesterday announced that it has fined Mark Philip Recardo, former CEO of a top financial services company, a sum of $70,000. The authority has also prohibited him from performing any Controlled Function, or being employed by any firm in the Qatar Financial Centre, owing to serious misconduct committed over a period of more than two years.
Recardo was the former Chief Executive Officer of International Financial Services (Qatar) LLC (IFSQ) and was approved to perform the Customer Facing Function, Senior Executive Function and the Executive Governance Function.
The Authority found Recardo engaged in serious misconduct, including carrying out investment management activities, without appropriate client consent, that were outside the firm’s scope of authorisation.
“As an approved individual subject to the Principles of Conduct for Approved Individuals, Recardo’s contraventions included causing the firm to act outside the scope of its authorisation; failing to exercise due skill, care and diligence in the performance of his responsibilities as an approved individual; failing to ensure that the business of the firm was effectively supervised and controlled and complied with the Relevant Requirements; and failing to appropriately discharge his senior management responsibilities”, the regulatory authority said yesterday.
On April 27, 2014, the Authority issued a public censure against IFSQ for conduct related to Recardo’s contraventions.
The Peninsula
