Berkley Berry Birch (BBB) has withdrawn its appeal to the Financial Services and Markets Tribunal and been given 6 weeks to find £11m to fill the capital adequacy deficits of two of its subsidiaries before the Financial Services Authority (FSA) closes them down.
In an announcement to the stock market BBB states its subsidiaries, Berkeley Independent Advisers Limited('BIA') and Berry Birch & Noble Financial Planning (Weston) Limited have withdrawn their references to the Financial Services and Markets Tribunal in respect of the FSA's Decision Notices of 29 July 2005. The firm says the FSA has agreed a stay of execution and will not serve Final Notices in respect of the Decision Notices before 27 February and that it will not serve a Final Notice in respect of the Decision Notice if BIA and Weston are able provide the FSA with written opinions from...
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