Leicester insolvency practitioner faces disciplinary action

Craig Ridley from Leicester, formerly associated with Voscap has found himself at the centre of a disciplinary consent order issued on December 13, 2023.

Brought forth by the Regulation and Conduct Committee, the order is for allegations of breaches in the Money Laundering and Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Ridley failed to properly check where third-party funds came from when they were paid into an Individual Voluntary Arrangement.

He also didn’t review the level of risk after getting new information, which he was supposed to do according to financial regulations.

The severity of the breach warrants disciplinary action under Article 66 of the Insolvency Practitioners Association’s Articles of Association.

Considering the lack of mitigating or aggravating factors, the committee decided on a £9,000 fine for Ridgley, along with a severe reprimand.

While one aspect of the breach was deemed less serious due to Ridgley’s departure from the firm shortly after the receipt of new information, the Committee deemed it neither mitigating nor aggravating, leading to a unanimous decision on the disciplinary order.