FSA bans compliance officer for client asset failings

ActivTrades' compliance officer David McGrath failed to put in place proper risk management systems to ensure the protection of client money if the firm went bust, the FSA found. The FSA said McGrath also failed to demonstrate an appropriate knowledge of the Client Asset Sourcebook Rules. These failings placed some client money at risk should the firm become insolvent, the FSA said. The FSA found the failings during an FSA visited ActivTrades as part of the regulator's thematic review of client money arrangements, and a followed up skilled person's review. Richard Sutcliffe, hea...