enforcement

A former financial adviser has been prohibited from performing any regulated activities by the Financial Services Authority (FSA) for unregulated collective investment scheme (UCIS) failings.

The Financial Services Authority (FSA) has appointed Tracey McDermott as its director of enforcement and financial crime, a position she has held in an acting capacity for the past 16 months.

The Financial Services Authority (FSA) has issued a public censure of City Gate Money Managers and banned its director and compliance officer Stewart Wallace Domke from holding any significant influence Functions.

The Financial Services Authority (FSA) has banned and fined a former commercial insurance broker £471,846 for using clients' money to fund his own business.

The Financial Services Authority (FSA) has blocked acquisition activity by a financial adviser, questioning her reputation and citing her lack of honesty and integrity.

A former broker at Pacific Continental Securities (PCS) has been fined £30,000 by the Financial Services Authority (FSA) and banned for passing on inside information to customers and other failings.

An insurance broker has had her permissions to carry out regulated activities cancelled by the Financial Services Authority (FSA) on suspicions that her firm is being controlled or managed by others.

Firms that continue to have issues picked up on by the Financial Services Authority (FSA) are likely to be treated more harshly by the regulator's successor, according to one of its directors.

UCIS CONCERNS

The FSA has sent letters to IFAs demanding information on their advice around, and dealings with, unregulated collective investment schemes (UCIS) for retail clients over the last four years.