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Pritchard Stockbrokers falls into administration
Markets
by Sarah Miloudi on Mar 09, 2012 at 10:45
The Financial Services Authority (FSA) has said that Pritchard Stockbrokers has today entered the Special Administration Regime (SAR).
Timothy Ball, Roderick Weston and Alistair Wood at Mazars LLP have been appointed joint special administrators.
Last month, rival stockbroker WH Ireland announced it had taken on Pritchard's assets and its client book, which included some 8,000 accounts. It paid £500,000 for the book, which had been valued at £400 million based on non-cash assets under management.
The new comes after the FSA issued a First Supervisory Notice to Pritchard, which prevented the firm from undertaking any further regulated activities.
The financial watchdog said Pritchard had used client money for its own expenses, thereby putting client money at risk’. It also froze the firm's asset and told the Bournemouth-based firm to inform clients that it had been barred for working for them.
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