Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a744577

FCA fines and bans Chester broker

on Apr 03, 2014 at 11:33

The Financial Conduct Authority (FCA) has banned a Chester-based broker from undertaking any regulated activity.

David Wren, who served as the chief executive of Astbury Wren & Company, was also fined £70,000 after he was found to have taken £630,909 in premiums paid by his clients, which he used to cover the company’s business expenses.

Astbury Wren paid premiums it collected into a client account to pay for the firm’s expenses and overdraft.

Between March 2009 and February 2012 over £630,000 more was transferred than had been earned by Astbury Wren in commission, according to the FCA.

During the relevant period, Astbury Wren received £10.7 million of client premiums and earned £2 million in commission on those premiums received.

It then transferred £2.7 million from the trust accounts, which held the client money, to Astbury Wren’s office account.

Astbury Wren therefore transferred £630,909 more than it was entitled to transfer as commission to its own account.

Astbury Wren ceased trading on 20 February 2012, owing £1.4 million to insurers in unpaid premiums.

Three customers had to pay their premiums again, which £9,021, or face the cancellation of their policies.

1 comment so far. Why not have your say?

Doug Sammons

Apr 03, 2014 at 16:34

These companies are not be regulated properly.

Shameful.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Sponsored Video: Bringing it all back home


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

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

More about this:

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet