View more on these topics

FSA bans Liverpool IFA

The Financial Services Authority has stopped Michael Sheron from carrying out regulated activities after finding that he was not fit and proper to oversee or manage a business.

Sheron was a partner at Sheron & Company Financial Advisers and was solely responsible for its day-to-day business.

The FSA found that Mr Sheron lacked competence and capability. He failed to demonstrate that he was ready, willing and organised to comply with regulatory requirements and standards or with his professional obligations and ethical standards.

The FSA says Sheron failed to adequately supervise an adviser whose activities placed the Partnership’s financial position at risk.

Sheron did not address the problem even after the activities of the adviser had been brought to his attention.

Of the many other issues identified by the FSA, Sheron was responsible for the Partnership’s failure to treat its customers fairly by not completing its pensions review and not complying with awards made by the Financial Ombudsman Service.

FSA head of retail enforcement Jonathan Phelan says: “Sheron’s lack of competence and capability led to detriment both for customers and product providers. Sheron poses a serious risk to consumers and the industry in the regulated financial services sector, and we have banned him from performing any management functions in relation to any regulated business as a result.

“The management of a firm is responsible for ensuring systems are implemented and maintained and staff are adequately supervised in order to fulfil their regulatory obligations. This is a particularly serious case because Sheron’s poor management has led to significant consumer detriment.”

As a result of Sheron’s prohibition, the Partnership had no effective management of its regulated activities and ceased trading on 24 August 2007.

Sheron & Company Financial Advisers was a small Independent Financial Adviser based in Liverpool. It conducted investment and insurance business. Sheron decided not to challenge the FSA’s findings.


Market weakness hits securitisation deals

Lehman Brothers has had to massively reprice its latest securitisation deal after failing to find buyers for the offering at its original price, Money Marketing understands.This has been taken as a further sign of weakness in the securitisation market following the US sub-prime problems.It is understood that Lehmans originally offered the AAA-rated part of its […]

Standard Life to restructure private equity business

Standard Life has announced its private equity investment management business will be restructured as a limited liability partnership, SL Capital Partners LLP.Forty per cent of the LLP will be owned by nine members of Standard’s investment management team including chief executive David Currie, chief investment officer Peter McKellar and investment director Stewart Hay.In a statement […]

Identity parade

Identity theft is one of the fastest-growing forms of crime. Most IFAs probably think of it as a risk that big financial institutions rather than advice firms need to address but advisers have a wealth of personal and financial information about clients.

Terms of confustion

Aifa’s RDR paper on adviser segmentation raises many important questions over the FSA’s plans that the regulator needs to provide full answers to before going ahead.

Brexit Commentary from Natixis Global Asset Management

By David F Lafferty, CFA, SVP – Chief Market Strategist Thursday’s historic Leave vote in the UK will have both immediate and long-term consequences for the global economy and financial markets. The initial flight-to-quality reaction across asset classes has been exacerbated by the market’s misplaced confidence in a Remain victory leading up to the vote. Stock markets […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm