The Financial Conduct Authority (FCA) has banned and fined £300,000 a former senior partner of St James's Place (SJP) after clients lost out investing in companies he controlled.
Between 2004 and 2010 Peter Carron advised 11 clients to invest a total of £2.4m in three companies of which he was director and majority shareholder without adequately disclosing this fact to them. The clients later lost approximately £2.2m when the companies went into liquidation between May and August 2010. St James's Place subsequently paid these 11 investors £1.9m in compensation. As a result, the FCA has concluded that Carron lacks honesty and integrity, fined him £300,000 and banned him from performing any function related to regulated activities in financial services. Th...
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