Wealth Manager - the site for professional investment managers

Register to get unlimited access to 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.
Citywire TV
Play HSBC's Stephen King warns of 'enormous' Brexit deficit danger

HSBC's Stephen King warns of 'enormous' Brexit deficit danger

Brexit will weaken the economy, fail to boost exports and lessen the country's ability to fund its 'enormous' deficit, according to HSBC's senior economic adviser Stephen King.

Play Premier's Smith: electricity and water can be a good mix

Premier's Smith: electricity and water can be a good mix

Exposing your person to electricity and water simultaneously is ill-advised, but what about your portfolio?

Play Citywire 10k: video highlights

Citywire 10k: video highlights

Citywire held its sixth annual charity run last week, which hosted over 200 people and raised £14,000. Here are the video highlights.

Your Business: Cover Star Club

Profile: how to control your destiny in an age of regulation

Profile: how to control your destiny in an age of regulation

‘RDR was good news to us because it aligned our practices with the industry,’ says Courtiers boss Jamie Shepperd

Wealth Manager on Twitter