FSA bans former Pacific Continental broker

clock

A former broker at Pacific Continental Securities (PCS) has been fined £30,000 by the Financial Services Authority (FSA) and banned for passing on inside information to customers and other failings.

Jay Alan Rutland, who is currently listed as inactive, was a senior broker at the firm, which in January 2009 was itself hit with a final notice in connection with advising on and arranging the sale of certain higher risk securities to customers between 2005 and 2007. Its collapse in 2009 contributed to a £58m interim levy on investment advisers. Today's final notice detailed how Rutland circulated to brokers a sales script that contained inside information, which was not public and was price sensitive, about Provexis Plc, an AIM-traded company. He was also responsible for drafting...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

'Danger' for advisers who think poor conduct is not relevant to them

'Danger' for advisers who think poor conduct is not relevant to them

‘You cannot rely on people deciding what to do in the moment’

Hope Coumbe
clock 28 March 2024 • 1 min read
Advisers on 'dangerous ground' if they take tick-box regulation approach

Advisers on 'dangerous ground' if they take tick-box regulation approach

‘They should embrace the spirit in which the regulation has been created’

Isabel Baxter
clock 27 March 2024 • 1 min read
FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read