View more on these topics

Bankrupt adviser sanctioned for continuing to sell investments


A court has ordered a 15-year bankruptcy restriction against an adviser who continued to sell investments despite being subject to a ban and while an undischarged bankrupt.

Registrar Christine Derrett handed down the maximum bankruptcy restriction order against Stephen Todd, saying the case was “one of the worst examples of disregard for the insolvency and directors disqualification regime”.

The order was made in December, though details were only made public by The Insolvency Service yesterday.

In October 2012, Todd had agreed not to act as a director for 10 years following his involvement in an earlier company that subsequently went into liquidation.

A bankruptcy order was made against Todd the following year.

But Todd went on to manage IPR Capital, a gold mining investment company, which went into liquidation in 2015 with liabilities of over £10m.

He failed to disclose his income from IPR as part of bankruptcy proceedings, which between April 2013 and April 2014 totalled at least £517,100.

Todd told the Official Receiver he had assets of around £8,800. As at April 2013, he owed at least £454,107, mainly related to unpaid National Insurance contributions, self-assessed tax and penalties.



Co-operative Bank put up for sale

Co-operative Bank is up for sale and has invited bids for all its shares. The bank wants to sell to increase its capital reserves to meet regulatory requirements. A stock exchange announcement today says: “The bank has always been clear that, although it meets its Pillar 1 regulatory capital requirements and expects to continue to […]


Steve Bee: Are we nearing the final days for pensions?

I have been working in the pensions industry for almost five decades now. In that time, I have been witness to a great deal of upheaval in what seems like an unnecessarily ever-changing sector. That said, I honestly do not think I have ever encountered such a strong feeling of hopelessness as that which currently engulfs […]


News and expert analysis straight to your inbox

Sign up


There are 4 comments at the moment, we would love to hear your opinion too.

  1. Let’s hope he gets no State support in the form of benefits or State Pension in future. Make him pay for any NHS treatment he may need too.

  2. As usual the tax payer will end up footing the bill for “people” such as this.

  3. Here is a link to the press release on the matter.

    Absolutely shocking. Interesting that he is described as a Financial Adviser. According to the FCA Register, his last CF was in September 2009.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm