FSA bans SIPP operator partner for management failings

The FSA has publicly censured Michele King, a partner at HD Administrators LLP (HDA), withdrawn her permission, and banned her from holding any controlled function. The FSA removed the permissions of HDA in March after two of its directors were arrested over fraud allegations. An investigation was brought about after investors claimed the firm had defrauded them of £20m through the promotion of unregulated collective investment schemes (UCIS) through a SIPP The FSA said King would have also been fined £20,000 were it not for evidence that the penalty would have caused her serious f...