Wealth Manager - the site for professional investment managers

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

FSA bans partner of pension firm embroiled in fraud claims

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Potential US rate rise, cheap oil & the Europe opportunity

Potential US rate rise, cheap oil & the Europe opportunity

This week we analyse the implications of a possible rise in US interest rates, the impact of cheap oil and the European equity opportunity.  

Play Carmignac's Crowl: what QE could mean for Europe

Carmignac's Crowl: what QE could mean for Europe

The ECB is widely expected to finally fire its QE gun this week. Carmignac's Sandra Crowl discusses the implications for the eurozone.

Play Grexit worries, currency wars and a grizzly outlook for 2015?

Grexit worries, currency wars and a grizzly outlook for 2015?

The first Investment Pulse of the year looks at the potential impact of Greece leaving the euro, volatility in currency markets and the UK’s economic prospects.

Your Business: Cover Star Club

Profile: DIY investing is biggest threat to industry, says Whitechurch

Profile: DIY investing is biggest threat to industry, says Whitechurch

The industry is at risk of pushing potential investors down the DIY route unless it does more to make its services accessible says the Whitechurch Securities boss

Wealth Manager on Twitter