The Financial Conduct Authority has issued a Decision Notice to fine Carlos Ricardo Fuenmayor, chief executive of BancTrust, GBP 99,600 for three alleged failures to disclose information that the regulator says it would reasonably have expected to receive. Because Fuenmayor has referred the notice to the Upper Tribunal, the findings are provisional and reflect the FCA's case rather than a final determination. The alleged omissions covered a US Financial Industry Regulatory Authority investigation opened in December 2017 and a sanction imposed in June 2019, neither of which he disclosed to the FCA until December 2021, including in application forms submitted on BancTrust's behalf. The FCA also says he did not disclose that, shortly before an inspection in November 2019, the National Financial Intelligence Unit of Venezuela had frozen his local currency bank accounts and those of his Venezuelan companies and their directors. The regulator concluded the failures were negligent and amounted to breaches of APER Statement of Principle 4 and Senior Manager Conduct Rule 4, and that the omissions prevented it from fully assessing his fitness and propriety or seeking further information. The Upper Tribunal will now consider the referral, with Fuenmayor and the FCA each presenting their case.
Financial Conduct Authority2026-06-11
Financial Conduct Authority issues provisional GBP 99,600 fine decision against BancTrust chief executive Carlos Ricardo Fuenmayor over three disclosure failures
The Financial Conduct Authority has issued a provisional Decision Notice to fine BancTrust chief executive Carlos Ricardo Fuenmayor GBP 99,600 for three alleged disclosure failures. The FCA says he failed to disclose a US Financial Industry Regulatory Authority investigation and sanction, and the freezing of his Venezuelan local currency accounts and related company accounts. The notice has been referred to the Upper Tribunal, so the findings are not final.