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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, is leaving to “seek new opportunities”. He will remain with the firm to oversee a transition to the new management structure until the end of this year and is due to leave in mid-January 2013.

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

Paivi Grigg currently serves as Financial’s risk director. A Financial spokesman confirmed the role will no longer exist. Grigg will remain with the firm but will not take on 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 51 per cent from £341,000 in 2010/11.

The firm also set aside £1.5m for complaints redress.

Financial has seen a number of senior departures recently. Technical training and compliance consultant Tim Hackett announced he was leaving the firm in August and finance co-ordinator Liz Pierce resigned on 20 September after eight years with the zzzz.

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

Baronworth Investment and Financials director Colin Jackson says: “With the RDR coming, you would expect a compliance officer would be kept very busy. A single compliance and risk officer with a large number of appointed representatives underneath them will find the role very time consuming.”


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