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Former Towergate adviser jailed for £150k fraud

A former Towergate adviser who conned a grandmother out of her £150,000 retirement funds to pay for his gambling addiction was yesterday jailed for over two years, the BBC reports.

Stirling Sheriff Court heard that Ryan Burnside pretended to invest Margaret Gallivan’s life savings overseas when he was actually spending it at casinos.

Burnside was convicted of obtaining money by fraud and told by a sheriff he had carried out a “gross breach of trust”, sentencing him to two years and four months in prison.

Burnside told Margaret Gallivan he had large amounts of land and expensive cars. He was sacked from his post as an adviser with Albannach, now part of Towergate Financial, in 2008 but told Gallivan, that the FSA had said he could work as an adviser again.

He was caught when Gallivan’s son found out he should not be working as an adviser. His solicitor told the court Burnside had enjoyed a lavish lifestyle from his work until gambling problems took their toll in 2005, culminating in debts of over £40,000.

On sentencing Burnside, Sheriff William Gilchrist said: ‘I take into account the significant amount embezzled, and also the effect on the victim, as she was effectively defrauded of all her savings.”


IMA warning over Cameron exec pay crackdown

The Investment Management Association has warned it is not desirable to ask fund managers to micro-manage companies as part of David Cameron’s crackdown on executive pay. Cameron told BBC1’s Andrew Marr show on Sunday that legislation is likely to be unveiled in the upcoming Queen’s speech to introduce binding shareholder votes on executive pay packages. […]

Keeping it in the family

Family-run firms are the UK’s weakest link! Or at least that’s what research from the London School of Economics (LSE) has found. Poorer management quality from second and third generations are reported to make these businesses “less well managed and less productive”. IFAs, an industry with its fair share of family firms, are no different […]

SimplyBiz to launch gap-fill programme

SimplyBiz is launching a CII-accredited gap-fill programme for its IFA members. The programme is set to launch in February as part of a series of learning and development events across the UK. The gap-fill sessions will be provided through reading material and multi-media, SimplyBiz says the programme could take as little as a month to […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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