FSA bans ill director for control failures

clock

A "severely" ill director of an insurance brokerage has been banned by the FSA for failing to control the firm adequately.

Graham Darby, director of Ambrose Darby, has been told he can no longer perform "significant influence functions" at any authorised financial firm. The company has also been placed in liquidation and is no longer authorised to conduct regulated business. According to the FSA, it petitioned for the winding up of Ambrose Darby because director Graham, who had been diagnosed in July 2008 with a severe medical condition, was not able to resolve the client money issues at the firm and wind the business up himself in an orderly fashion. It says there were no systems and controls in opera...

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 Your profession

Advice firms report that around four in ten clients are vulnerable - MorganAsh

Advice firms report that around four in ten clients are vulnerable - MorganAsh

Data from the MorganAsh Resilience System

Jaskeet Briah
clock 28 May 2026 • 2 min read
Student loans present 'almost impossible' financial planning question

Student loans present 'almost impossible' financial planning question

To be a 'burden' for years to come, advisers say

Sophia Panayi
clock 28 May 2026 • 5 min read
Advice consolidation: Reputation, regulation and a transforming market

Advice consolidation: Reputation, regulation and a transforming market

Growth alone is no longer enough

Isabel Baxter
clock 27 May 2026 • 5 min read