Clarkson Hill receives £600k to meet FSA requirements

20 July 2010 at 14:34

Clarkson Hill receives £600k to meet FSA requirements Clarkson Hill is now observing Financial Services Authority (FSA) compliance after the firm's chief executive and managing director lent £588,000 to the company to help it meet its regulatory capital requirements.

Earlier this month, Clarkson Hill revealed it was subject to a regulatory review of its systems and controls during the second half of last year, as it posted pre-tax losses of £636,699 for 2009.

The results also revealed that Clarkson Hill had been invoiced for £105,000 in relation to the £80 million Financial Services Compensation Scheme levy for Pacific Continental Securities (UK), Square Mile Securities and Keydata Investment Services.

However, the donation from the company's directors Ron Pritchard and Mike Robinson has now brought the firm in line with FSA compliance.

In a statement to the stock market, the firm said: "The terms of the loans are in the FSA standard format and provide a right to be repaid after two years and for interest of five per cent per annum and are approved by the FSA."

Posted by Tony Miller ADNFCR-3006-ID-800003473-ADNFCR

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