FSA criticises consultant over ‘independent' Arch cru report

The Financial Services Authority (FSA) has criticised an independent consultant appointed to review the Arch cru funds for banned adviser Stephen Danner.

Danner was censured yesterday by the regulator for demonstrating "such a poorly directed ethical compass as to amount to a lack of integrity on his part", after appealing a decision to prevent him from advising on retail investment products. He failed to adequately manage the conflict of interest in being a director of SD Asset Management (SDAM), a small IFA firm based in Cardiff, while serving as one of the co-founders of Cru Investment Management which marketed the CF Arch cru range of investment funds to IFAs. However, according to transcripts of Danner's hearing, the FSA also cast...