FCA bans advice chief over £2m losses from high risk schemes

Simon Mark Silva-Peake was head of discretionary Quintillion Asset Management when he caused or allowed the misappropriation of £659,270 of clients' funds, and transferred £2m of clients' money into inappropriate investments, the FCA found. The FCA's investigation and ban of Silva-Peak follows an earlier probe by the Insolvency Service, which banned him from acting as a company director for 11 years, along with Quintillion's other directors Anton and David Taylor. Commenting on the disqualifications at the time, Ken Beasley of the Insolvency Service's Public Interest Unit said investo...