The FCA has fined and banned two former partners of MedDen Financial Services LLP for recklessly withdrawing funds from their firm’s bank account for their own purposes the day after the FCA had imposed an asset requirement on the firm. As a result, the firm had no funds to pay to customers who were owed redress. over £9,000 was taken by the two individuals, Craig Buchan and Martin Cooke. Each individual ended up paying a fine of around £6,000, only around 10% of what the FCA would have fined them were it not for their financial hardship. The firm is in voluntary liquidation and the FSCS has paid £2.2m in relation to 35 claims.
FCA fines and bans individuals for reckless breach of requirements
