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FCA bans advice boss over £2m Ucis losses

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The FCA has banned the director of an advice firm after he transferred over £2m of clients’ funds into inappropriate investments.

The regulator says Quintillion Asset Management director Simon Silva-Peake also caused or allowed a further £659,270 of client money to be misappropriated.

Money Marketing first flagged investor concerns about Quintillion in March 2013.

Silva-Peake has not been fined.

Carlisle-based discretionary and advice firm Quintillion had its permissions cancelled by the FSA in July 2012 for unpaid regulatory fees and went into liquidation a month later.

Senior management at Quintillion set up a Ucis fund in 2009, called the Kratos fund, to invest in intellectual property rights. It claimed to target annual returns of 35 per cent.

In August 2014 the Insolvency Service disqualified Silva-Peake from acting as a director for 11 years.

Quintillion managing director Anton Taylor was also banned for 11 years while his father, also a director at Quintillion and group finance director at Kratos, was banned for six years.

The Financial Services Compensation Scheme declared Quintillion in default in April 2014.

The FCA says: “The FCA has concluded that Silva-Peake is not a fit and proper person to perform any functions as his conduct demonstrates a clear and serious lack of honesty, integrity and reputation.”

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Comments

There are 5 comments at the moment, we would lover to hear your opinion too.

  1. Dear Mr and Mrs Client of most IFAS. There are some people who invested in a firm called Quintillion (in the UK this is a number followed by thirty Zeros). They thought it was a good idea to invest in a fund recommended by them called Kratos (The Greek God of War) which targeted a return of 35% which was a great return. Then they lost a lot of their money. Via the magic that is the FSCS you get to pay for these Investors greed. Have a nice day.

  2. The most important headline in the whole story !

    “Silva-Peake has not been fined” …….. in fact the article does not state any-one has been fined.

    Just to give any client, of any IFA reading this some insight !! your, so called “consumer champion” the FCA, (and the FSCS scheme it is so reluctant to change), deems it entirely appropriate, that the good people who invest responsibly via a responsible IFA’s or adviser’s should pay for this and give every-one their money back ? don’t be fooled into thinking this money is levied entirely on the industry, think more in terms who actually pay fees and charges ? yes its you ! we are merely the conduit for collection.

    Bad people don’t pay in most instances and when they do, the Treasury pockets the money, I have had to increase my charges (costs to my clients) twice in as many years to pay for these levies, and fully expect to do this for the next 3 years and beyond.

  3. Bethell Codrington 17th December 2015 at 1:41 pm

    The regulator says Quintillion Asset Management director Simon Silva-Peake also caused or allowed a further £659,270 of client money to be misappropriated.
    “Misappropriation” = THEFT (at least that is what it says in the dictionary) and yet nobody is being charged with theft. The maximum punishment seems to being banned as a Director, which works out at about £60,000 p.a.

  4. A target return of 35%. Does anybody know, just for the record, what it actually returned ?

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