Former London Capital & Finance director handed £31,800 fine
The FCA said Huisamen also allowed promotions that gave a misleading impression that the mini-bonds were regulated.
The Financial Conduct Authority said Floris Jakobus Huisamen «recklessly signed off hundreds of promotions» while working at the disgraced mini-bond provider which contributed to thousands of investors being misled.
The watchdog said the financial promotions signed off by Huisamen «presented a misleading picture» as well as making mini-bonds «appear a far more attractive investment than they were».
«Huisamen signed off these financial promotions despite his own concerns about LCF's strategy,» it stated. «He failed to provide proper scrutiny or sufficiently challenge senior management.»
FCA censures London Capital & Finance over mini-bond promotion
The FCA said Huisamen also allowed promotions that gave a misleading impression that the mini-bonds were regulated.
It added: «He continued to approve promotions even when he became aware of inaccurate claims.»
Joint executive director of enforcement and market oversight Therese Chambers said it was right Huisamen would no longer be able to work in financial services.
«His failings contributed to thousands of retail investors losing significant amounts of money,» she said. «Under him, the approval process became an ineffective tick-box exercise.»
London Capital & Finance scars raise risk concerns over LTAFs among MPs
The actions taken against Huisamen by the FCA come ten months on from the news that one time LCF chief executive Michael Thomson would receive a ten-month jail sentence for money laundering and fraud relating to the infamous mini-bonds.
It is now more than four years since approximately 11,000 investors lost a total of £237m in LCF's mini-bond
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