Disciplinary outcome: Wayne McCormack

Wayne McCormack's conduct was found to be in breach of the Code of Professional Ethics and to have posed a risk to the public and/or undermine public confidence in the Association and its members as follows:

1. For an unknown period up until on or around 31 July 2023, he failed to have in place any or any adequate processes or procedures for handling client complaints as is required under AAT’s Client Care Policy
2. For an unknown period up until on or around 31 July 2023, he failed to have in place a continuity of practice arrangement that conformed with AAT’s Continuity of Practice Policy
3. For an unknown period up until on or around 27 April 2023, he did not comply with his obligations under the Money Laundering Regulations in force while providing accountancy and/or related services on a self-employed basis. Specifically, he failed to: 
   a. apply to AAT for approval of a beneficial owner, officer, or manager for Zoo Accounting & Business Solutions Ltd; and/or
   b. have in place any or any adequate anti-money laundering (AML) policies or procedures; and/or 
   c. conduct a risk-based assessment, as part of initial and ongoing client due diligence, in all instances; and/or
   d. verify the identity of one or more clients; and/or
   e. carry out a compliance review of his firm’s AML policies, controls, and procedures
4. For an unknown period up until on or around 27 April 2023, he failed to hold clients’ money in full compliance with AAT’s Clients Money Policy
5. On or around 01 February 2023, he failed to maintain his objectivity in that he procured a loan in his firm’s name on behalf of a client 
6. On dates unknown, he received commissions without notifying his clients’ and retained said commissions without obtaining his clients’ consent.

Grounds for disciplinary action existed and the matter was suitable for exercise of the Investigations Team's powers under the Disciplinary Regulations.

Wayne McCormack is hereby:

1. Severely Reprimanded for three years
2. Fined £2,000
3. Divested of his fellow member status for three years
4. Warned about his future conduct. 

Consent