You are here: Home - News -

FCA fines mortgage boast banker

by: Heather Greig-Smith
  • 30/03/2017
  • 0
FCA fines mortgage boast banker
A former investment banker fined for sharing confidential information over WhatsApp boasted that he could pay off his mortgage if one of the deals went through.

The Financial Conduct Authority (FCA) has today fined Christopher Niehaus £37,198 for sharing confidential client information over messaging app WhatsApp. The FCA found that he failed to act with due skill, care and diligence.

The regulator said Niehaus, who was a managing director in the Investment Banking division at Jefferies International Limited, shared confidential client information with both a personal acquaintance and a friend on a number of occasions between 24 January and 16 May 2016.

In one of the instances that information was about a competitor. The FCA said the information was shared by Niehaus because he wanted to impress the people that he shared the information with.

The details of the information he shared included the identity of the client, the details relating to the client mandate and the fee Jefferies would charge for their involvement in the transaction. He also boasted about how he may be able to pay off his mortgage if one of the deals was successful.

The FCA said the information was not shared for the reason of dealing in securities.

Niehaus was suspended from Jefferies pending the completion of its disciplinary process and he resigned before that process was completed.

He provided full admissions to the FCA in an early interview and, as a result, he was given a 15% reduction to the financial penalty. Niehaus also agreed to settle during the stage 1 settlement period; so the penalty was reduced from £53,140.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @synergycfpiotr: Happy red cheek day 😂😂2nd instalment I enjoyed contributing to the debate with @AldermoreBank @CharlesRAMcD and @mortga
  • RT @OTJournalist: Heck of a fall in Provident share price: 70% down today. Shares maxed at £33 in October, now, £5ish. Wowzers! #DoorstepLe
  • RT @PSLadvisers: "product transfers & remortgage activity levels will rise considerably with £130bn of product cessations due in the next 6…
Read previous post:
house under construction
Housing group outlines ‘radical’ plan to tackle homes crisis

A group of property professionals has outlined "radical" plans for addressing the housing crisis.

Close