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

Training provider cautions 'high exam costs' posing barrier to young adviser talent

Training provider cautions 'high exam costs' posing barrier to young adviser talent

Wiser Academy looks to bridge generational gap in advice profession

Sahar Nazir
clock 25 September 2025 • 3 min read
Wealthy clients seeking more IHT advice ahead of Autumn Budget

Wealthy clients seeking more IHT advice ahead of Autumn Budget

Amid Budget rumours

Sahar Nazir
clock 25 September 2025 • 2 min read
Autumn Budget 2025: Wealthy clients seeking more IHT advice ahead of Budget

Autumn Budget 2025: Wealthy clients seeking more IHT advice ahead of Budget

The updates advisers need in the run up to the Autumn Budget 2025 on 26 November

Professional Adviser
clock 25 September 2025 • 1 min read