FSA to close stockbroker Barum House

With debts of close to half a million pounds the Financial Services Authority (FSA) has ordered the liquidation of securities firm Barum House in the Scottish courts. The financial regulator issued a petition in the Edinburgh Court of Session for the closure of the Aberdeen-based stockbroker to protect consumers. In February the Securities and Futures Authority (SFA) asked the FSA to exercise its power to apply to have the firm wound up under section 72 of the Financial Services Act 1986. The FSA consequently presented a petition to the Scottish court seeking the winding up of Barum a...