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

View the article online at

FSA bans partner of pension firm embroiled in fraud claims

by William Robins on Nov 28, 2012 at 12:34

FSA bans partner of pension firm embroiled in fraud claims

The Financial Services Authority (FSA) has publicly censured and banned Michele King, a partner at HD Administrators.

The regulator said King failed to discharge her responsibilities as an approved person through her lack of understanding the nature of HD’s business and its regulatory responsibilities. 

It said she did not keep herself involved in, or informed about, the management decisions at the firm.

The FSA said King would have been fined £20,000 were it not for evidence that the penalty would have caused her serious financial hardship.

King became a partner at Sipp operator HD in August 2008. She had previously been employed as an accounts administrator and, before becoming a partner at HD, she had performed some minor administrative tasks at the firm.

In March the FSA took action to stop HD Administrators from operating, and prevented the firm from paying out any funds following arrests by the Nottinghamshire Police of two of the HD Sipp trustees, one of who was also a partner of HD Administrators.

At the time the FSA varied the permission of HD Administrators on the grounds its directors Kathryn Clark and Michele King do not appear to be fit and proper.

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 is now in the hands of an official receiver in Manchester.

The FSA said the Serious Fraud Office and Nottinghamshire Police were currently investigating allegations of criminal activity at an unregulated company connected to HD Administrators and the regulator was therefore unable to comment any further on this case.

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:


On the road

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

Sorry, this link is not
quite ready yet