Welcome to our new website! Let us know what you think..

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

FCA fines and bans Chester broker

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.

Leave a comment
Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Profile: Quilter Cheviot boss Baines sees more consolidation ahead

Nineteen months on from the merger of Quilter Cheviot chief executive Martin Baines says the deal is now paying dividends.

Wealth Manager on Twitter