Public Statement Concerning The Prohibition of Gordon John Mundy

Published on: 30 November 2023

Re GORDON JOHN MUNDY

1. Action

1. The Isle of Man Financial Services Authority (the “Authority”) makes this public statement in accordance with powers conferred on it under section 13 of the Financial Services Act 2008 (the “FSA08”), section 35 of the Insurance Act 2008 (“IA08”), and section 30 of the FSA08.
2. During the period from 1 January 2010 to 31 March 2018, Mr Mundy undertook the role of Managing Director (Controlled Function R-8) of a licenceholder. He also undertook the roles of Chair of the Compliance Committee, Member of the New Business Committee and director or trustee of client entities (Controlled Functions R-23; R-24; and R-25).
3. The Authority had cause to assess the fitness and propriety of Mr Mundy as a result of the wider failings identified within the licenceholder (the “Assessment”). Following the Assessment, the Authority has deemed it reasonable, necessary and proportionate that Mr Mundy be prohibited under section 10A of the FSA08, section 29A of the IA08 and section 11B of the Collective Investment Schemes Act 2008 (the “CISA08”).
4. Mr Mundy is therefore prohibited from:
  - performing any controlled function and/or key person roles (or equivalent) for any entity licensed, approved, registered or authorised by the Authority pursuant to section 10A of the FSA08 and section 29A of the IA08. For the avoidance of any doubt this includes the role of ‘principal control officer’ for any entity licensed, approved, registered or authorised under the IA08; and
  - being a member of the governing body of any scheme pursuant to section 11B of the CISA08. (collectively the “Prohibition”).
5. Mr Mundy entered into settlement discussions with the Authority at an early stage, cooperated fully throughout and, having accepted the conclusions of the Assessment, sought to finalise matters in respect of the Prohibition expeditiously.