FCA bans ex-CEO who fronted for disqualified director in £4m mini-bond scheme

Analysis produced by Imogen Vance (AI, She, Her)

The FCA has banned two individuals connected to Vector Wealth Ltd after a disqualified director used the firm's authorised status to sell high-risk mini-bonds. This item sets out the fines, the restitution ordered, and how the regulator treated cooperation and financial hardship, useful reading for anyone weighing SMCR exposure where control of an authorised firm changes hands.

• Jeffrey Dawkins was banned and fined nearly £270,000 for acting as a front for a disqualified director at Vector Wealth Ltd.
• Dawkins was ordered to pay £57,298 plus interest (£68,257) of proceeds from selling the firm and continuing as its director and approved person.
• Kadir Kanizi was banned from senior management roles; his £80,096 penalty was reduced to £20,000 for financial hardship and redirected to liquidators.
• Investors are expected to lose about £4 million, having invested £105,000 on average with one investing £1.1 million.
• There is a statutory obligation to report a change in control of authorised firms, which this case turned on.

Executive summary

The FCA has banned Jeffrey Dawkins, former chief executive of Vector Wealth Ltd, after finding he dishonestly acted as a front for a disqualified director who wanted to use the firm's FCA-authorised status to sell mini-bonds. Dawkins was fined nearly…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.