View the article online at http://citywire.co.uk/new-model-adviser/article/a637992
FSA bans partner of Sipp firm embroiled in fraud claims
by William Robins on Nov 28, 2012 at 11:57
The Financial Services Authority (FSA) has publicly censured and banned Michele King, a partner at Sipp firm HD Administrators.
The regulator said King failed to discharge her responsibilities as an approved person through her lack of understanding the nature of HD Administrators' business and its regulatory responsibilities.
It said she did not keep herself involved in, or informed about, the management decisions at the firm.
King became a partner at Sipp operator HD Administrators in August 2008. She had previously been employed as an accounts administrator and, before becoming a partner at HD Administrators, had performed some minor administrative tasks at the firm.
In March this year the FSA took action to stop HD Administrators from operating, and prevented the firm from paying out any funds, on the grounds directors King and Kathryn Clark did not appear to be fit and proper.
The regulator’s move followed the arrest of Clark on suspicion of fraud by false representation and money laundering in relation to an unauthorised investment firm called Arck where she was one of two managing members.
The other managing member, Richard Clay was also arrested.
Today the FSA said its case against King was part of a wider investigation into the events at HD Administrators which led to its winding up in June 2012
HD Administrators operated the HD Sipp scheme which comprised approximately 420 members. HD Administrators was wound up on 14 June 2012.
HD Administrators is now in the hands of an official receiver in Manchester.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.