FSA bans partner of stockbroking firm for reckless misconduct

Leavey's misconduct included carrying out a significant influence function without FSA approval, failing to oversee the segregation and protection of client money and approving misleading financial promotions, said the watchdog. As managing partner, he was responsible for the day-to-day running of FCI, a London-based stockbroking firm whose sales advisers promoted higher risk securities in companies with small market capitalisations to retail clients. Leavey failed to ensure client money was segregated from FCI's own money - resulting in £883,897 of client money being mixed with the f...