FSA fines Nestor £175,000 for failure to secure compliance to the Model Code

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On 14 February 2013, the Financial Services Authority (FSA) released a Final Notice against Nestor Healthcare Group and fined it £175,000 for failure to take all proper and reasonable steps to secure the compliance of persons discharging managerial responsibility (PDMRs) with the Model Code.

The reason why this will be of such interest to board members and company secretaries is that the FSA did not find any instances of market abuse; a finding of a lax and inconsistent approach to
compliance with the Model Code was sufficient for enforcement action. Furthermore, the FSA’s Final Notice recognises that PDMRs at Nestor generally understood that approvals were required and that the steps they did take were in keeping with the purpose of the Model Code…

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