On June 9, 2016, the FCA published two final notices banning Mr.
Mark Kelly and Mr. Patrick Gray from working in the UK financial
services industry, effective March 1, 2016. Mr. Kelly traded under
the name PCD Wealth and Pensions Management and Mr. Gray acted as
an adviser on behalf of PCD. PCD advised over 350 customers and
invested nearly Ł24 million in potentially unsuitable
investments between 2008 and 2010.
Mr. Kelly's conduct during the relevant period included
investing customers' pension funds in Portfolio Bonds,
Unregulated Collective Investment Schemes and other investments
without customers' knowledge or consent by a process designed
to prevent customers from discovering that their funds had been so
invested and investing customers' pension funds without regard
to the suitability of the investments for the customers. Mr. Kelly
also falsely certified copies of customers' passports as
showing true likeness of the customers without having met them.
Mr. Gray's conduct included the provision of advice to
customers in the knowledge that he had no qualifications or
training to give such advice and recklessly providing customers
with pension reports containing assurances that customers would
receive advice and recommendations as to the investment of their
pension funds when he was aware of the risk that customers'
funds might be invested without their knowledge or consent. Mr.
Gray also intentionally and dishonestly misled the FCA in a
compelled interview by stating that he did not advise customers and
that certain application forms he presented to customers to sign
contained information about fees payable.
The conduct of both Mr. Kelly and Mr. Gray fell short of the
standard of honesty and integrity expected by the FCA such that
both individuals were considered not fit and proper to perform any
function in related to any regulated activity carried on by an
authorized person, exempt person or exempt professional firm.
The implementation of the mandatory exchange of initial and
variation margin for non-cleared OTC derivative trades in the EU
commenced on 4 February for financial counterparties with the
largest derivatives portfolios.
On February 9, 2017, HM Treasury published a paper summarizing responses to its consultation on the transposition of the revised MiFID and three draft statutory instruments to facilitate transposition.
We consider below the circumstances in which a person may hold an "unpaid vendor lien", the effect of such a lien following the Supreme Court case of Menelaou v Bank of Cyprus UK Ltd  EWHC 2656...
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