Clarkson Hill duo lend the firm £588k
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Clarkson Hill chief executive Ron Pritchard and managing director Mike Robinson have lent £588,000 to the company to help it meet its regulatory capital requirements.
The Cambridgeshire-based national IFA warned earlier this month that it needed to raise more cash to meet the FSA’s requirements.
The company’s results for the year to December 31, 2009 showed a loss of £636,699, compared with £669,207 losses reported for the previous 17 months.
The Aim-listed national, which has around 110 member firms, ran up exceptional costs of £230,787 due to a regulatory review of its systems and controls last year.
Clarkson Hill was also billed £105,000 toward the £80m Financial Services Compensation Scheme levy to pay for claims associated with Pacific Continental Securities UK, Square Mile Securities, Keydata Investment Services and Lehman-backed structured product providers.
Redundancy costs and the renegotiation of office contracts pushed total exceptional costs to £465,107.
Independent consultants were employed to review the company’s processes and make the necessary compliance changes. The firm says its procedures are now in line with FSA requirements
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