Mutual society NED banned (but will appeal) for failures to disclose conflict of interest

Illustrates the need to be completely aware of your legal responsibilities as a NED – if you don’t know make sure you get trained, preferably before taking up your board position

Company and Financial Law

The FCA is attempting to ban Angela Burns (and fine her £154,800) from any regulated activity for failing to disclose a conflict of interest whilst acting as a NED at two mutual societies. Ms Burns is appealing to the Upper Tribunal. FCA press release here; Decision Notice here (also discussing breach of section 177 Companies Act 2006). Herbert Smith note here.

From the FCA press release:

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