The FSA has been investigating Johnny Cameron, former executive director of RBS and former chairman of global markets (RBS’s investment banking arm).
The regulator looked at the systems and controls in place in the global marketing business, which has resulting in Cameron agreeing to settle with the FSA.
As part of this, he has promised not to perform any significant influence function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm or undertake any further full time employment in the financial services industry.
Were it not for this undertaking, it was the FSA’s intention to take steps to seek to prohibit Cameron from performing any significant influence function or any function held in full time employment in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm. On the basis of the information available to it, the FSA believes that Cameron would not meet its current standards for approval for a significant influence function.
In return for the undertaking given by Cameron, the FSA will not take disciplinary action against Cameron. The FSA has not made any findings of regulatory breach against Cameron and he has not made any admissions.
This undertaking does not prevent Cameron from engaging in part time consultancy work in the financial services industry provided that the work does not involve performing activities which would require approval for a significant influence function.