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...
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