View more on these topics

FCA looks to ban debt management boss for client money breaches

Money-UK-Currency-Notes-50-480.jpgThe FCA is attempting to ban the boss of a debt management firm for allegedly using client money to purchase the business.

Darren Lee Newton purchased First Step from former director Christine Whitehurst in 2013. The FCA argues he funded the deal through client money rather than out of his own pocket.

Newton allowed more than £322,000 to be transferred to Whitehurst from First Step’s accounts, the FCA claims, despite a shortfall in client money at the firm of more than £6m at the time.

According to the FCA, clients were supposed to be transferred to a new firm, Debt Help and Advice, once First Step was purchased but this did not happen.

First Step entered administration in 2014, with more than 4,000 customers being affected by a £7m shortfall in client money.

The FCA banned Whitehurst and her husband, Adrian, in October 2017 for dishonestly misappropriating money from First Step, but Newton is appealing his ban and will take the case to the Upper Tribunal.


Offshore amnesty could bring in 5bn

The Government’s amnesty for UK taxpayers with undisclosed offshore bank accounts could net the Treasury up to 5bn.


How much are advisers charging for pension transfers?

Defined benefit pension transfer charges are being put under the microscope again as the regulator turns over more potential conflicts of interest. With the British Steel Pension Scheme the latest to dominate headlines and the FCA ready to interrogate further as it extends its review to include all firms authorised to give pension transfer advice, […]


HMRC to appeal ‘loyalty bonuses’ ruling after Hargreaves victory

HM Revenue and Customs will go back to court with Hargreaves Lansdown as it appeals a multi-million pound judgement on loyalty bonuses for investors. In March, Hargreaves successfully defended its position over the so-called “discount tax”, arguing that rebates of annual charges, such as loyalty bonuses, paid on funds held outside Isa or Sipps should […]

International jurisdictions

By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment