FCA fines and bans former stockbroker bosses

Managing director David Gillespie and finance director David Welsby used client money to fund business expenses, contributing to a shortfall of £3m from client accounts. For this, in addition to being banned from the financial services industry, Gillespie and Welsby have been fined £10,500 and £14,000 respectively, much lower than the £144,000 and £72,000 they would have been fined had it not been for their financial hardship. Pritchard entered Special Administration on 9 March 2012 and, were it not for its financial position, the FCA would have imposed a fine on it of £4.9m. The F...