James Lewis, the ex managing partner of Shard Capital Partners, a wealth management firm, was given the fine and ban following two separate instances of providing incorrect information about clients’ cash purportedly held by Shard, including telling the company’s auditors misleading information. 

The FCA said Lewis’ misconduct ‘put the market and investors at risk’ resulting in a fine of £171,900, reduced by 30% to £120,300 as Lewis agreed to settle the matter.

Between June 2015 and May 2017, Lewis told auditors at one of Shard’s clients that Shard held hundreds of millions in cash for a particular client. In fact, these sums were debts owed by another client in the same group, which were connected companies.