Coventry advisers banned for emptying bank accounts in breach of FCA requirements

The two partners in a Coventry firm advising the medical and dental sector have been banned and fined for taking money out of their partnership the day after the FCA imposed an asset requirement.

By Neasa MacErlean

However, the fines levied on each of them were reduced by an average of 90 per cent to just over £6,000 when they both proved they would otherwise suffer "serious financial hardship". They had also qualified for a 30 per cent discount under the regulator's settlement procedures.