1. Verify the identity of the person who attended an initial meeting held on 19 July 2007 purporting to be Person A contrary to;

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1 09 August 2018 Disciplinary Committee ordered Reprimand On August 2018, the Disciplinary Committee of ACCA (the Association of Chartered Certified Accountants) found proved the following allegations against a member, Mr David Neil Hughes FCCA of Cheltenham, Gloucestershire, United Kingdom: It is alleged that Mr David Neil Hughes FCCA, an Insolvency Practitioner licensed by ACCA from 1 January 1998, in his capacity as advisor, nominee and supervisor with respect to an individual voluntary arrangement for Person A, between 18 July 2007 and 12 October 2009 failed to: - 1. Verify the identity of the person who attended an initial meeting held on 19 July 2007 purporting to be Person A contrary to; i. ACCA Rulebook 2007 Part 3.23 The Practice of Insolvency 2007 Ethical Principles of ACCA Rulebook 2007 Code of Ethics and Conduct Part 3.2 The Fundamental Principles of Professional Competence and Due care; i ACCA Rulebook 2007 Part Money Laundering Paragraph 8 - Client identification. 2. Observe the Money Laundering guidance on Client Identification and Record Keeping contrary to; i. ACCA Rulebook 2007 Part 3.23 The Practice of Insolvency 2007 Ethical Principles of

2 ACCA Rulebook 2007 Code of Ethics and Conduct Part 3.2 The Fundamental Principles of Professional Competence and Due care; i ACCA Rulebook 2007 Part Money Laundering Paragraph 8 - Client identification; iv. ACCA Rulebook 2007 Part 3.8 Money Laundering Paragraph 16 - Record keeping. 3. Write to Person A: a) Confirming in full all advice he had given setting out her personal options as regards her insolvency (as opposed to the options available to Company C and Company B), and/or b) Enclosing a copy of Mr Hughes file note of all oral advice he had given setting out her personal options as regards her insolvency (as opposed to the options available to Company C and Company B), contrary to: i. ACCA Global Practising Regulations 2003 Annex 1 Para 18 (3); Statement of Insolvency Practice 3 Paragraphs 3.4, 3.8, and 7.6; i ACCA Rulebook 2007 Part 3.23 The Practice of Insolvency 2007 Ethical Principles of Competence and Due skill ; iv. ACCA Rulebook 2007 Code of Ethics and Conduct Part 3.2 The Fundamental Principles of Professional Competence and Due care.

3 4. Provide Person A with the R3 booklet entitled Is an Individual Voluntary Arrangement right for me? contrary to; i. ACCA Global Practising Regulations 2003 Annex 1 Para 18 (3); ACCA Rulebook 2007 Part 3.23 The Practice of Insolvency 2007 Ethical Principles of i ACCA Rulebook 2007 Code of Ethics and Conduct Part 3.2 The Fundamental Principles of Professional Competence and Due care. 8. Identify errors contained in the Minutes of a meeting that took place on 24 January Mr Hughes signed the Minutes as accurate despite the fact that they contained at least three errors; namely the date of the meeting, the location of the meeting and an erroneous assertion that Person A had been in attendance at the meeting contrary to; i. ACCA Rulebook 2007 Part 3.23 The Practice of Insolvency 2007 Ethical Principles of ACCA Rulebook 2007 Code of Ethics and Conduct Part 3.2 The Fundamental Principles of Professional Competence and Due care. 9. In light of any or all of the facts set out at Allegations 1-8 above, Mr David Neil Hughes FCCA is: Liable to disciplinary action pursuant to bye-law 8(a)(iii).

4 The Disciplinary Committee ordered that Mr David Neil Hughes FCCA be Reprimanded and to pay costs to ACCA in the sum of 4,500. Please note that this may be the subject of an appeal. ACCA s regulations require ACCA to publish the Committee s findings and orders by way of a news release, as soon as practicable. * An order made by the Disciplinary Committee shall take effect from the date of expiry of the Appeal Period referred to in the Appeal Regulations unless the Committee directs that the order should have immediate effect. - ends -

5 For media enquiries, contact: Chanel Townsend E: T: +44 (0) M: +44 (0) About ACCA ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants, offering business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. ACCA supports its 200,000 members and 486,000 students in 180 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. ACCA works through a network of 101 offices and centres and more than 7,200 Approved Employers worldwide, who provide high standards of employee learning and development. Through its public interest remit, ACCA promotes appropriate regulation of accounting and conducts relevant research to ensure accountancy continues to grow in reputation and influence. ACCA is currently introducing major innovations to its flagship qualification to ensure its members and future members continue to be the most valued, up to date and sought-after accountancy professionals globally. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. More information is here:

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