View more on these topics

IFA banned in catalogue of failings

The FSA has banned Liverpool IFA Michael Sheron from carrying out any regulated activities after finding him not fit and proper to oversee or manage a business.

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

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

It says Sheron failed to adequately supervise an adviser whose activities placed the partnership’s financial position at risk. He 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 pension 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 August 24. The firm was a small IFA which conducted investment and insurance business.

Sheron decided not to challenge the FSA’s findings.


Life firms blast Lawson over publishing annuity rates

Life companies have hit back at Standard Life head of pensions policy John Lawson, saying that his call for all annuity providers to publish their rates is “nonsense”.Scottish Life, Skandia and St James’s Place claim that Lawson is missing the point after he named 11 firms which are still open to new personal pension or […]

Sunny side up

Long-term investors are seeing Japan in a more positive light

Out of context

“I look like Chewbacca from the neck up and knees down and Princess Leia in between.”JP Morgan press officer Ben Larter comments on the disproportionate amount of hair on his body “We own quite a few retail buildings. In fact, we own Ann Summers in Ipswich.”Merchant Investors head of sales & marketing Richard Ellis “If […]

Artemis Global Income: favouring Europe over the US

With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]


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 thought leadership.

    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