FSA bans Cru founder Stephen Danner

The Financial Services Authority (FSA) has banned the co-founder of Cru Investment Management Stephen Danner for failing to act with integrity and behaving in a way which fell well below the standards required of him.

Danner, also formerly director of SD Asset Management Limited (SDAM), a small IFA firm based in Cardiff, was one of the co-founders of Cru Investment Management Limited which marketed the CF Arch Cru range of investment funds to IFAs and was closely involved with the establishment of the funds. The Arch cru funds were suspended in March 2009 due to a lack of liquidity. Danner's lack of integrity is confirmed by a decision of the Upper Tribunal in June 2012 which upheld the FSA's judgement that he should not be approved for a new role at another firm. In delivering its judgment, the...