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GRACECHURCH INVESTMENTS LIMITED - Officers (free information from Companies House)

On 20 December the FSA issued a Final Notice to Gracechurch Investments Limited in respect of breaches to FSA Principles in the light of how they conducted their business.

The firm had 35 brokers approved by the FSA during the period 1st April to 4th November with an average of 15 to 20 individuals operating at any one time.

The company received the majority of its revenue in the form of commission from the companies whose shares it advised its clients to buy. Calls reviewed by the FSA showed pressure selling techniques that persistently ignored refusals by clients to buy stock. The brokers failed as a matter of course, to give generic risk warnings in relation to the small-cap stock; lied to at least one client about the amount other clients were investing and told at least one client that the recommendation was based on inside information.

The brokers were paid a small salary plus commission on the volume of their sales, this did not take into account the quality of advice and compliance with relevant requirements, in fact on at least one occasion, emails were sent threatening brokers with disciplinary action if they failed to reach monthly advised sales targets.

This gracechurch investments stockbrokers increased the risk that brokers would say anything for pamm forex uk sale.

In addition to being Chief Executive Mr Kenny also trained the brokers how to overcome client objections to buying stock.

During the above period, Gracechurch Investments Limited employed an individual primarily responsible for broker recruitment and alongside Mr Kenny for broker training, despite knowing that he was investigated by the FSA as being responsible for the unacceptable pressure sales culture at his previous employer, they continued to employ him for at least eight months despite the fact that he was actively maintaining the same culture within Gracechurch Investments Limited.

On 20 DecemberGracechurch Investments Limited compliance officer Carl Peter Davey was banned from working in financial services. In his roles as compliance officer and also responsible for systems and controls reporting, the FSA considers that Mr Davey acted dishonestly in writing on more than one occasion, that a particular recording of a call between an employee and a client had not been made or could not be found, when that was untrue.

Mis-sold Shares LTD - News Articles - yzyjifoh.web.fc2.com - Gracechurch Investments Limited

The FSA decided that considering the repeated instances of dishonesty and lack fxst trading system cost integrity, Sam Thomas Kenny is not a fit or proper person to perform any function in relation to any regulated activity bisnis forex yang menguntungkan prohibited him from holding a position in the financial services industry.

Gracechurch Investments Limited is now in liquidation, having ceased business in February The FSA was informed by the Official Receiver that the firm was not only insolvent but had no assets and as such any financial penalty imposed would not be paid.

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