News
FSA bans directors for substandard practice
29 July 2010 at 15:01
The Financial Services Authority (FSA) has today censured and banned the three directors of Simply Trading Group (STG) Limited from senior management positions for falling short of the regulator's standards.
Stephen Coles, Luke Ryan and Michael Yamoah were penalised by the FSA following an investigation which found that they relied too heavily on an external compliance consultants for advice on how to run their business.
In addition, the FSA found that they failed to make sure that STG met regulatory requirements, including capital resource requirements and implementing adequate systems and controls.
"The problems at STG were initially identified by the FSA as part of its high pressure selling thematic project, which is ongoing and which will continue to result in disciplinary action being taken against firms where appropriate," it said.
It comes after David Jones, former finance director of Northern Rock, was given a £320,000 fine and prohibited from performing any function in relation to regulated activity as a result of misconduct.
Posted by Tony Miller