The FCA announced sanctions on 21 October against Jeffrey Dawkins, former chief executive of Vector Wealth, and former senior manager Kadir Kanizi. It found that Dawkins concealed a disqualified director’s control of the firm, allowing high-risk mini-bonds to be marketed through the credibility of an authorised business. The underlying final notices are dated 16 September 2026.[1][2][3]
Different sanctions for the two individuals
| Individual | Prohibition | Financial outcome |
|---|---|---|
| Jeffrey Dawkins | Any function relating to regulated activity at an authorised or specified exempt firm | £269,233 total penaltySource 2Source 3 |
| Kadir Kanizi | Senior-management functions relating to regulated activity | £20,000 penalty, reduced from £80,096 for hardship; non-enforcement if equivalent funds made available to liquidatorsSource 2Source 3 |
Dawkins penalty reconciliation
| Component | Amount |
|---|---|
| Punitive element | £200,500Source 2 |
| Disgorgement | £57,298Source 2 |
| Interest | £11,435Source 2 |
| Total | £269,233Source 2 |
The FCA says investors contributed an average £105,000, with one committing £1.1 million, and face about £4 million in expected losses. Those losses are separate from the sanctions and are not a restitution award. Vector Wealth stopped trading in April 2022, entered liquidation in October 2023 and ceased to be FCA-authorised on 28 January 2025.[1][2]
Kanizi’s final notice distinguishes his lack of competence from Dawkins’s dishonesty and limits his prohibition to senior-management functions. It also records his offer to undertake Consumer Duty training before returning to financial services. The FCA directs affected bondholders to the liquidator.[3][1]
Sources & further reading
- Former chief executive banned after misconduct led to £4m losses in high-risk investments Financial Conduct Authority · 21 Oct 2026 · Accessed 26 Oct 2026
- Final Notice: Jeffrey St. Patrick Dawkins Financial Conduct Authority · 16 Sep 2026 · Accessed 26 Oct 2026
- Final Notice: Kadir Yusuf Kanizi Financial Conduct Authority · 16 Sep 2026 · Accessed 26 Oct 2026