FSA bans three directors from senior management roles for life

The firm was a small private client advisory stockbroker in London and Hampshire which specialised in telephone sales of securities traded on the main market of the London Stock Exchange, as well as higher risk securities traded on the AIM and PLUS markets through two appointed representatives. The FSA's investigation found that Coles, Ryan and Yamoah: relied too heavily on external compliance consultants for advice on how to run their business; failed to make sure that STG met regulatory requirements, including capital resource requirements and implementing adequate systems...