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BBB suspends trading of its shares

Berkeley Berry Birch has suspended trading in its shares pending clarification of its financial position as well as appointing a new chairman.

The firm says it has referred the FSA notices from July, cancelling the permissions of its three regulated businesses due to regulatory capital shortfalls, to the Financial Services and Markets Tribunal and says until this issue is resolved shares should be suspended.
BBB also announces its senior independent director John Joyce has been appointed non-executive chairman with Cliff Lockyer remaining on the board as group enterprise director.

BBB says it is working to address the capital shortfalls by means of planned disposals and an equity fundraising. It says to date the FSA has not yet satisfied itself of the adequacy of these proposals.

As of the end of September the combined capital resource shortfall was 10.9m, based on unaudited returns.
A hearing of the FSMT to consider the case was held on November 29 and will continue until December 8.

BBB also says another FSA investigation into the selling of some regular savings plans and whole of life plans has ended with a public censure of its network Berkeley Independent Advisers, rather than the 425,000 fine the regulator was to impose.

As a result of the FSA’s investigation BIA has agreed to undertake a past business review to identify which customers bought these plans and suffered loss, and to pay compensation where appropriate.


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