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FSA bans IFA on bond misselling

The FSA has banned a former director of a St Albans IFA for a catalogue of rule violations including precipice bond misselling.

Idris Nagaty, formerly a director of liquidated firm Young Ridgway Associates, breached a number of the FSA’s Statements of Principle for approved persons.

The FSA judged that Mr Nagaty failed to ensure that the firm was properly organised and managed, failed to ensure sales of precipice bonds were sufficiently scrutinised and failed to implement an adequate complaints process.

Mr Nagaty has been banned from working for any auth- orised firm until at least September 1, 2007.

The FSA’s director of enforcement Margaret Cole says: “Our investigations concluded that Idris Nagaty is not a fit and proper person to manage a regulated firm and we took the necessary enforcement action of prohibition as a consequence.”

She adds: “This case shows that the FSA is not prepared to tolerate senior management failures. Ultimately it is the responsibility of senior staff to ensure that the firm comply with our rules and high level principles of Treating Customers Fairly.”

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