News blog
Merchant Securities
- BY: Andrew Hore |
- POSTED: 17/06/2008 |
The FSA has fined Merchant Securities because of poor security measures.
The private client broking arm of the business, which also owns Aim adviser John East, did not satisfactorily identify customers when taking instructions over the phone. It has around 850 clients. The FSA fined it £77,000 – it could have been £110,000 if it hadn’t co-operated.
The company says that it has taken steps to improve systems and security.
Four days before this fine was announced Tony Fabrizi stepped down as chief executive and as a director of Merchant Securities. Fabrizi is staying with the company and he will concentrate on corporate finance and private placings. Patrick Claridge became acting chief executive.
The shares were unchanged at 19.5p.
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