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.
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.
Insinger de Beaufort is moving its three UK manager-of-manager funds to a non-Ucits retail scheme structure so its fund managers will have greater flexibility.
UCB Home Loans
Self Certification Two Year Tracker (Non Flexible)
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. […]
By James Dowey, chief economist & CIO at Neptune WHATEVER HAPPENED TO THE GOOD OLD DAYS OF CHUGGING ALONG AT 3 PER CENT A YEAR? That was the average rate of real economic growth in the advanced world from the end of the Second World War until the late 2000s. Despite all of the recessions and social changes […]
- Top trends
- Top trends
- Revealed: The FCA’s findings on ongoing advice
- How much are advisers charging for pension transfers?
- Lifetime allowance 2018/19 increase confirmed but pensions absent
- ATS staff departures continue as platform commits to improved adviser experience
- SJP trainee adviser banned and fined for faking qualifications
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
IFA directors Kevin and Cheryl Neal have been banned from being company directors by the Insolvency Service for six and four years, respectively. The married couple ran the now-defunct Hertfordshire-based Kevin Neal Associates Wealth Management. They were disqualified for taking assets from an insolvent company. The firm had been incorporated to take over the business interests […]
Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year. An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp. The administrator described tainted assets as those where […]