The Financial Services Authority (FSA) has banned a partner at a self invested personal pension (SIPP) operator at the center of fraud proceedings for failing to keep informed about management decisions at the firm.
The FSA has publicly censured Michele King, a partner at HD Administrators LLP (HDA), withdrawn her permission, and banned her from holding any controlled function. The FSA removed the permissions of HDA in March after two of its directors were arrested over fraud allegations. An investigation was brought about after investors claimed the firm had defrauded them of £20m through the promotion of unregulated collective investment schemes (UCIS) through a SIPP The FSA said King would have also been fined £20,000 were it not for evidence that the penalty would have caused her serious f...
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