FCA fines and bans former stockbroker bosses

Laura Miller
clock • 1 min read

The Financial Conduct Authority (FCA) has fined and banned two former directors of Pritchard Stockbrokers for recklessly failing to protect client money.

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...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot