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Financial Limited compliance director leaves in reshuffle

Financial Limited compliance director Steve Bell is leaving the firm as part of a management reshuffle.

The network says Bell, who has been with the firm for six years, will be leaving to “seek new opportunities”. He will remain with the firm to oversee a transition to the new management structure up until the end of this year.

A new of compliance and risk director role has been created to replace the compliance director.

Paivi Grigg currently serves as Financial’s risk director. A spokesman for Financial confirmed the role will no longer exist. Grigg will remain with the firm but not in the newly created role.

At the beginning of August, Financial Limited posted a pre-tax profit of £165,000 for the year ending 31 March, down by 51 per cent from £341,000 in 2010/11.

The firm also reported it had set aside £1.5m for complaints.

Technical training and compliance consultant Tim Hackett confirmed his departure on August 31, after seven years with the firm, and will remain in a consultancy capacity.

Finance co-ordinator Liz Pierce has also left after eight years with the group.

Financial plans to appoint a new non-executive chairman and two non executive directors to the board in the coming weeks, subject to FSA approval.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. It’s not usually a good sign when the compliance director leaves. Assuming £5000 per case PI excess, £1.5m set aside = 300 cases, but at least they’re still in profit.

  2. I think this just shows how scary any larger size of network/national really is. They are always one mis selling event away from bankruptcy…..

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