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FSA bans director over £1m missing from funds

The FSA has banned the sole director of a Sunderland IFA firm from working in the ind-ustry again after up to £1m went missing from funds he held on behalf of clients.

The FSA says that over a 10-year period, Richard Vin-cent Matkin, the owner and director of Albion Manage ment Services, of 19 Olive Street, Sunderland, consistently misled clients as to the value of their investments, which resulted in there being insufficient funds to meet recorded asset values.

On November 15, 2001, the PIA prohibited the firm from conducting investment business and Albion was placed in provisional liquidation on November 30. On Jan-uary 16, a court issued a winding-up order.

By the end of November 2001, at least 41 clients had a combined shortfall in their funds of about £1m.

FSA director of enforcement Andrew Prosser says: “Prohibiting someone from being active in financial services is one of the strongest powers available to the FSA and one that is reserved for the most serious cases.

“To protect the public from being preyed on again by Mat-kin, we had to act quickly and decisively. Our action in Mat-kin&#39s case demonstrates the FSA&#39s determination to help underpin the confidence that consumers rightly expect to have in regulated firms.”

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