Ms Yvonne McGrath FFA FIPA 20 June 2022

Ms Yvonne McGrath FFA FIPA
Shrewsbury, Shropshire, UK

Complaint

The allegations were that Ms McGrath has failed to:

  1. adhere to the fundamental principle of professional behaviour in the IFA Code of Ethics to comply with relevant laws and regulations and avoid any conduct that the accountant knows or should know might discredit the profession; 
  2. provide requested information or documents in accordance with Regulation 66 MLR 2017; 
  3. carry out and provide evidence of a firm risk assessment, breaching Regulation 18, MLR 2017; 
  4. carry out a review of anti-money laundering policies, procedures and controls in accordance with MLR 2017 Regulation19 and 40 respectively;
  5. ensure adequate internal controls breaching Regulation 21, MLR 2017; 
  6. take appropriate measures to ensure that its relevant employees are made aware of the requirements of the MLR’s through training and the requirements of data protection therefore breaching Regulation 24(1) and 41; 
  7. as a relevant person, has failed to carry out complete customer due diligence on clients and breaching Regulation 27 (a), 28 in particular 1, 2, 3, 4, 12, 13, 16, 18, 19 MLR 2017; 
  8. appoint an alternate in accordance with IFA’s Public Practice Regulation 11.2;
  9. meet IFA CPD requirements in accordance with the IFA’s Continuing Professional Development Regulations 3.4 and 6.3;
  10. respond on a timely basis to communications and failed to co-operate with the AML review process breaching IFA Bye-law 11.2d; and
  11. provide such information as is deemed necessary by the Institute for compliance and monitoring purposes breaching IFA Bye-law 12.2.

Finding

The Disciplinary Committee found the matters proved.

Sentencing Order

(1) Severe reprimand, fine of £500; (2-7) Severe reprimand, fine of £3,000; (8) Reprimand, fine of £500, (9) no separate penalty,(10-11) Reprimand, no financial penalty, and costs ordered of £1,760.

Addendum

Member failed to comply with Disciplinary Committee conditions and was expelled from membership.