Malcolm Coury, a director of Moneywise IFA and a non-executive director of Ascentric, stepped down from his role at the platform after the FSA highlighted the conflict of interest.
The FSA’s final notice to Moneywise did not name individual directors but cited a failure to manage a conflict of interest. Coury was one of the co-founders of Ascentric in 2004 and was non-executive director between April 6, 2004 and February 24, 2010.
Ascentric sales and marketing director Richard Goodall says Coury tendered his resignation on learning that the FSA was concerned about conflicts of interest in him holding roles at both Moneywise, an IFA using a white-labelled version of Ascentric’s platform, and at Ascentric. Goodall says: “Moneywise flagged up the issue that there was a potential conflict of interest and the awareness of that to their clients. As soon as it was made clear by the FSA that there was a potential conflict of interest, Malcolm Coury stood down.”
Goodall says Coury’s decision to resign from his role at Ascentric was his own, as Coury felt it was the most appropriate thing to do for all concerned.
Ascentric has no other non-executive directors who are either practising IFAs or who use the platform.