News
FSA comments on case of banned directors
29 July 2010 at 15:02
The Financial Services Authority (FSA) has commented on the case of the three directors of Simply Trading Group, who have been fined and banned for substandard practice.
Margaret Cole, FSA director of enforcement and financial crime, said Stephen Coles, Luke Ryan and Michael Yamoah were responsible for the standards and conduct of the businesses they ran, but "failed to discharge this responsibility".
"We believe that Coles, Ryan and Yamoah would pose a serious risk to consumers and to confidence in the financial system if they were to act as senior managers in an authorised firm," she explained.
Ms Cole added that, for this reason, they have been prohibited from carrying out any senior management roles in the future.
Earlier this week, Ms Cole explained that David Jones, the former finance director of Northern Rock, had "numerous opportunities" to right the wrongs of the firm but failed to do so.
Posted by James Harrison