FSA takes action against stockbroker for client money failings

The company failed to arrange adequate protection for clients' assets when it was responsible for them, and allowed client money to be used on its own account and not that of clients, the regulator said. Pritchard, based in Dorset, has been told it can no longer carry out any of the regulated activities listed in its Part IV permissions, except to close out transactions which have already commenced. It has also been told that it cannot release any of the assets in its account, or any assets belonging to its customers but held by the firm to its order, without written consent from the ...