FSA bans firm's directors for witholding information on client funds

Robert James, chief executive officer, and directors Stuart Lawton and Paul Adams all worked at BPS until it went into administration. Months before, during a routine visit, the FSA discovered that all three had continually failed to admit to the deficit from the time when they originally applied for authorisation until the date of the visit. They had also used client money in January and February 2005 to pay BPS' general expenses, further increasing the deficit. The regulator established that all three men knew that they should have informed the regulator about the deficit and that the...