Potential Blockage In The Pipeline Of New Lord Mayors As Current City Of London Sheriff Robert Hughes-Penney Engulfed By Financial Scandal At His Firm Rathbones

City of London Corporation Alder and current Sheriff, Robert Hughes-Penney, is one of Rathbones’ longest-serving senior investment directors and has been with the company for over 30 years. He is the Chair of financial services lobbyist The CityUK Business Council and a Chartered Fellow and Board Director of the Chartered Institute for Securities and Investment, Integrity & Ethics Committee. He is also a Past Master of the Guild of Investment Managers and sits on the Advisory Board of the Centre for Enterprise, Markets and Ethics. This week the Financial Conduct Authority announced that Rathbones Investment Management Limited has “voluntarily agreed to pause the onboarding of new clients that require Enhanced Due Diligence (“EDD clients”) and to the acceptance of inflows into general investment accounts from some existing EDD clients”. The FCA had pressed Rathbones to commission an independent expert review of its financial management systems, which revealed significant deficiencies…