The chief executive of a mortgage broker firm has been fined £25,000 by the Financial Conduct Authority and branded “not a fit and proper person” to run a regulated business.

Markos Markou who heads Financial Solutions (Euro) Limited has had his approval to perform his current senior management functions withdrawn by the regulator after an investigation.

The FCA said between 2015 and 2017, Markou did not have “appropriate oversight” of the London-based firm’s mortgage business.

It added that Markou failed to take sufficient steps to prevent the broker trading between July 2017 and October 2017, “during which period he was aware that FSE did not have valid professional indemnity insurance”.

The watchdog said it had “interventions” with Markou between 2011 and 2015, and he “was fully aware of the serious risks that this conduct created”.

It added: “By ignoring the risks, the FCA believes that Mr Markou acted recklessly and demonstrated a lack of integrity. Mr Markou’s conduct placed FSE at risk of being used as a vehicle for financial crime and did not appropriately protect the interests of consumers.”

The watchdog said Markou has referred its decision to the Upper Tribunal appeals chamber where he and the regulator will each present their cases before making its ruling.

As a result, the FCA notes that its decision is “provisional and will have no effect pending the determination of the case by the Tribunal”.