View more on these topics

Ex-Barclays adviser jailed for £600k fraud

An ex-Barclays adviser has been jailed after stealing £600,000 from dead, elderly and ill customers to fund his gambling addiction.

James Leonard Finnigan was jailed for four years at the Old Bailey on July 15, having pleaded guilty to the fraud. Finnigan worked as an adviser at a Barclays branch in Twickenham between 1999 and May 2010.

Detective sergeant Ben Flannaghan, who led the investigation, said: “It may be cliched to describe a criminal as heartless but in this instance it is difficult to think of a more apt description.

“James Finnigan appeared to target customers who were elderly in the hope of avoiding detection, in some cases going as far as taking money from accounts when customers had recently died. There can be no justifications for his actions, and his sentence reflects that.”

A Barclays spokesman says: “We have a zero-tolerance policy towards staff fraud. Where any employee involvement is suspected, individuals will be suspended, investigated and, where there is evidence of misconduct, dismissed.”

In January, Money Marketing revealed that Barclays was closing its advice arm, Barclays Financial Planning. The bank aims to develop an online execution-only service for mass-market clients instead.

Recommended

Adviser Fund Index

Fixed-interest weighting in the Adviser Fund Index portfolios have remained buoyant over recent years despite uncertainty surrounding the asset class. Since the May 2007 rebalancing, the overall weighting to fixed interest has increased across all three of the benchmark indices. The changes saw allocations rise six percentage points in both the balanced and cautious portfolios, […]

MPs probe new regulators on handling another crisis

The committee of MPs and lords scrutinising the Government’s proposed regulatory overhaul has called for evidence on how well it will prevent or deal with another financial crisis. The Government published its draft Financial Services Bill in June. It sets out plans to split the FSA into the Financial Conduct Authority and the Prudential Regulation […]

Unbiased will stick with independents only

Unbiased.co.uk says it will continue to list only independent financial advisers after the RDR. Chief executive Karen Barrett says: “I am not surprised to see that the trade body representing advisers is adapting to changes in the adviser market prompted by the RDR. “Unlike Aifa, Unbiased. co.uk represents the interests of consumers, focusing on educating […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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 advice.

    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

    Email: customerservices@moneymarketing.com