View more on these topics

FCA fines Catalyst boss £450k after appeal fails

FCA interior logo 620x430

The chief executive of failed investment firm Catalyst Investment Group has been fined £450,000 after the Court of Appeal rejected his application to appeal.

In 2015 the FCA sought to ban and fine Timothy Roberts for his part in the collapse of Catalyst.

The regulator said the firm mislead investors when promoting bonds issued by ARM Asset Backed Securities. A £30m interim FSCS levy for investment advisers was issued as a result.

Roberts referred the FCA decision to the Upper Tribunal in 2013 which backed the regulator in 2015.

In January 2016 the Court of Appeal refused Roberts’ application for permission to appeal the Tribunal’s decision.

The regulator is now free to fine Roberts £450,000 and ban him from any regulated activities.

In November 2009, the Luxembourg regulator told ARM to stop issuing bonds as it did not have the proper licence.

In the 2015 determination, the Tribunal ruled that Roberts allowed Catalyst to continue promoting ARM bonds and collecting money from investors after November 2009, despite the statements from the Luxembourg regulator.

Roberts and Wilkins also allowed Catalyst to provide misleading information about ARM’s licence in a letter to advisers in December 2009. This was followed by another misleading letter to investors in March 2010.

The Tribunal has moved to water down the original sanctions proposed against Wilkins, halving the fine from £100,000 to £50,000. It has also referred the decision to ban him from senior roles in financial services back to the FCA.


FCA interior 620x430

Should FCA intervene over advice cashflow planning concerns?

Concerns are growing advisers are putting too much emphasis on simplistic cashflow planning, with some suggesting the FCA should consider intervening. Wingate Financial Planning director Alistair Cunningham raised the issue in Money Marketing last month, accusing some firms of acting like “charlatans”. Cunningham says since the RDR increasing numbers of advisers have been guilty of putting […]

FCA logo glass 3 620x430

Complex adviser charges and expensive pensions: FCA outlines key risks for 2016/17

The FCA has highlighted adviser charging structures and high cost pensions as key risks it will address over the coming year. In the regulator’s 2016/17 business plan, published earlier this week, it outlines its priorities in areas including pensions, crime, advice and technology. It says advice is “more important than ever” but warns “complex charging […]


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