Statement on Centurion Administration Limited
A Regulatory Settlement Agreement has been entered into between the Gibraltar Financial Services Commission (GFSC) and Centurion Administration Limited (CAL), a Gibraltar company. This Agreement relates to the firm for a period between July 2018 and October 2020 when standards in certain areas fell below what was expected of it for regulatory purposes. These deficiencies commenced under the firm’s prior ownership and management with the new owners and management team inheriting some of these ongoing issues.
CAL is authorised by the GFSC as a Pension Scheme Operator (GFSC authorisation number FSC0646FSA).
In the early part of 2020, following a change of control, CAL’s new management identified a number of historical and, in some cases, ongoing inherited regulatory breaches, which CAL brought to the attention of the GFSC. In July 2020 CAL, being unable to provide a valuation on a number of pension based investments it voluntarily agreed to commission a Skilled Person Review (SPR), which included a review of its processes, policies and procedures, as well as a review of the firms systems and controls. As part of this review, the SPR identified a number of areas in which CAL had fallen below the regulatory standards expected of a Pension Scheme Operator.
CAL acknowledges and accepts that the firm fell below regulatory standards in aspects of its governance arrangements, management functions and the firm’s internal procedures regarding its arrangements and relationships with third parties.
CAL also acknowledges and accepts that improvements were required in some operational areas relating to the firms ongoing monitoring measures and its overall record keeping.
Since the change of control at the firm, CAL has worked closely with the GFSC and has substantially improved its systems, policies and procedures as part of its remediation of the issues raised.
CAL has agreed to pay a financial penalty under the Financial Services Act 2019 with specific reference to the Financial Services (Personal Pensions) Regulations 2020 in the sum of £52,500. This is by way of an agreed regulatory settlement agreement with the GFSC.
CAL continues to hold its authorisation from the GFSC and no further action is contemplated by the GFSC.