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Jailed IFA banned for life

A Nottingham IFA jailed for five years after he defrauded clients of 2.7m has been banned for life by the FSA.

Oaktree Financial Services principal Stephen Higham admitted fraudulent trading at Nottingham Crown Court in May last year. Now the FSA has given Higham, who had a conviction for false accounting in 1989, an “indefinite prohibition”.

The FSA said in a letter: “The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation and therefore to demonstrate that you are not a fit and pro-per person to perform any function in relation to any regul- ated activity carried on by an authorised or exempt person.

“The severity of the risk you pose to consumers and to confidence in the market is such that it is necessary to make a prohibition order against you.”

Oaktree Financial Services was closed down by the FSA in 2004 following a lengthy investigation.


Equities Excel

The latest IMA retail sales figures show that equities out-stripped bonds last December by more than two to one and, with the tide of investor sentiment turning against fixed interest, many are predicting another good year for equities.

Compass offers advice deal for transsexuals

IFA firm Compass is offering specialist financial advice for transsexuals. The London firm says its TransFinance service will ensure fair treatment for transsexual people when applying for financial products. Managing director Chris Morgan says a growing number of transgender clients have contacted the firm after suffering discrimination by mortgage and insurance firms despite ABI guidelines. […]


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