The FCA has banned the former deputy CEO of asset manager H2O AM Jean-Noel Alba from the industry and fined him over £1m after he “misled” the watchdog.
An FCA probe found that between April 2015 and November 2019, H2O failed to carry out proper due diligence on investments in companies held by Tennor Group, owned by Lars Windhorst.
Due to their high-risk nature, the investments were hard to sell, leaving investor money trapped. In 2024, the FCA agreed that H2O would pay those investors €250m.
During the FCA’s investigation into H2O, Alba was the main point of contact, but provided false and misleading statements and documentation to the regulator. The regulator found Alba asked junior colleagues to create minutes, including records and minutes of committees, where no formal meetings had taken place.
Alba also provided investment research to the FCA that had been created years after the investments had been made, claiming they were produced at the time.
Steve Smart, joint executive director of enforcement and market oversight, said: "Senior leaders in financial services need to act with integrity. Mr Alba fell well short of those basic standards.
“He has no place in the industry. This ban and substantial fine should serve as a warning to others that if you mislead the FCA, you will face the consequences.”
