A stockbroker failed leaving a thousand unresolved claims to the Financial Services Compensation Scheme worth upwards of £4m. Professional Adviser reveals the findings of a regulator-ordered skilled person review into what went wrong...
Resources Global Professionals (RGP) was instructed to carry out a skilled persons review of City Equities by the Financial Conduct Authority (FCA) under section 166 (s166) of the Financial Services and Markets Act 2000. It carried out the review during July and August 2013 - just two months before City Equities entered administration and was placed in default by the FSCS. The findings detailed below are from a copy of the draft report RGP compiled of its s166 review, which according to the report cost £32,289. Directors asleep at the wheel The report's appraisal of the firm's ...
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