View more on these topics

Ex-BBN chief Harrison fined 15,000 by FSA

Former Berry Birch & Noble Insurance Brokers chief executive Paul Harrison has been fined 17,500 by the FSA for serious failings at the firm.

The regulator found Harrison guilty of failing to ensure that the firm had proper systems and controls in place to protect customers’ money held by the firm.

BBNIB was authorised as a general insurance broker between January 14, 2005 and May 8, 2006 but is no longer trading after selling its assets earlier this year. In July 2005, the firm’s auditors found that the firm was not complying with the FSA’s client money rules. The FSA says Harrison did not know and did not enquire whether BBNIB was complying with these rules.

The FSA says Harrison was responsible for the firm’s failure to segregate client money, keep track of the money held by third parties and failing to perform client money calculations and reconciliations.

Harrison accepted personal responsibility for the failings at BBNIB and the FSA credited him for his conduct after the issues were identified.

Director of enforcement Margaret Cole says: “Harrison was an approved person who failed to carry out his controlled functions with due skill, care and diligence. His failure meant that BBNIB did not provide adequate protection for its clients’ money.”


Compulsion is only way

People without a pension will never get around to it unless they are forced

Barings appoints Scholefield as global head of equities

Baring Asset Management has appointed Tim Scholefield to the new position of head of global equities.Scholefield joins from Scottish Widows Investment Partnership where he spent the last three years as head of international equities and prior to this he was at Royal and Sun Alliance for 15 years, ultimately as director of worldwide equities.Barings head […]

Gummer pledge to clean up second-charge loan sector

The Association of Finance Brokers insists it can self-regulate the secured loan market after officially launching last week. AFB chairman John Gummer, who holds the same role with Aifa and the Association of Mortgage Intermediaries, says the market is capable of getting its own house in order rather than requiring FSA policing. AFB director-general Chris […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]


News and expert analysis straight to your inbox

Sign up


    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 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