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The FCA has banned Jeffrey Dawkins, the former chief executive of Vector Wealth Ltd, after he dishonestly acted as a front for a disqualified director using the company to sell high-risk bonds.
Mr Dawkins has also been fined nearly £270,000.In 2019, Mr Dawkins sold Vector Wealth to a disqualified director who described himself as CEO and wanted to use Vector Wealth’s FCA-authorised status to sell mini-bonds.Mr Dawkins told the FCA he was still in charge, but the new “CEO” was really running the firm. This deception allowed the disqualified director to promote mini-bonds using the legitimacy of the firm to make them appear safer than they were.The disqualified director and Kadir Kanizi, a former senior manager at Vector Wealth, promoted the bonds but investors were not properly warned about the risks.Investors put in £105,000 on average, with one investing £1.1 million. Before seeing the marketing material, they had to confirm they were high net worth or sophisticated investors. Investors are expected to lose about £4 million.The FCA has banned Mr Kanizi from senior management roles. He was fined for failing to make sure consumers were properly warned about the risks.Therese Chambers, executive director of enforcement and market oversight at the FCA, said, 'Jeffrey Dawkins acted as a front man for a banned director, helping high-risk investments look safer than they were.'Mr Dawkins and Mr Kanizi allowed misleading promotions to draw in investors, many of whom now face significant losses. Mini-bonds and similar investments are very high risk, and people should be extremely cautious.'The FCA has warned about the risks of investing in mini-bonds and loan notes. A loan note or mini-bond usually involves lending money to a company for a set period in return for interest. If that company fails, consumers could lose every penny.Consumers need to be alert to the risk of harm and protect themselves using the tools available, like the FCA Firm Checker.Notes to editorsRead the final notices for Jeffrey Dawkins and Kadir Kanizi.There is statutory obligation to report the change in control of authorised firms.Vector Wealth Limited was formed as Fifth Quarter Asset Management (UK) Limited on 23 March 2012. Mr Dawkins held authorised positions at the firm from 5 March 2013. Vector Wealth’s authorisation ended on 28 January 2025.Mr Kanizi was appointed as a director on 22 September 2020 and was approved by the FCA on 6 September 2021.The disqualified director was banned from acting as a company director for 12 years in August 2014.The penalty in respect of Mr Dawkins includes a multiplier to reflect the seriousness of the conduct. It also includes an uplift for failing to cooperate with the FCA’s investigation. The full calculation is set out at section 6 of the Final Notice. Mr Dawkins has also been ordered to pay £57,298 plus interest (£68,257) of the proceeds he received from selling Vector Wealth and continuing to act as its director and approved person.The FCA has calculated that Kadir Kanizi should have been fined £80,096 but it reduced the penalty to £20,000 after he demonstrated that it would cause serious financial hardship. In the interest of maximising the funds available to be distributed to investors, the FCA agreed not to enforce the penalty if the same amount was made available by Mr Kanizi to Vector Wealth’s liquidators. He has also agreed to complete consumer duty training before taking up any future role in financial services.Investors who bought bonds through Vector Wealth should contact the firm’s liquidator and check the FCA website for updates.The FCA has investigated the matters that fall within its remit. The FCA may share relevant information with other law enforcement agencies where appropriate. Confirming or comment on individual referrals could risk affecting ongoing investigations.The FCA now actively removes the unutilised permissions of firms. Historically firms were expected to voluntarily request cancellation of unused permissions.The FCA permanently banned the marketing of speculative illiquid securities, including mini-bonds and loan notes, to retail investors from 1 January 2021.Anyone approached about loan notes, mini-bonds or similar high-risk investments should stop and check before investing, especially where adverts promise big, fixed returns or make the investment look simple and safe. Use the FCA’s Firm Checker and Warning List before handing over any money.
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