Conclusion to FSA Action at Subsidiary
June 07 2010 - 6:38AM
UK Regulatory
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RNS Number : 1682N
Astaire Group Plc
07 June 2010
Astaire Group Plc
("Astaire Group" or "Group")
Conclusion to FSA Action at Subsidiary
As announced by the Financial Services Authority (FSA) this morning Astaire
Group subsidiary Rowan Dartington & Co Ltd ("Rown Dartington") has been the
subject of enforcement action by the FSA leading to a fine of GBP511,000 for
administrative breachesbetween May 2007 and September 2009.
The management of Rowan Dartington has worked closely with the FSA throughout
its investigations, and welcomes its findings which relate to these historic
issues.
Whilst these breaches relate to the treatment of client money, Rowan Dartington
wishes to clarify that no clients suffered actual financial loss as a result of
these issues.
Not only has Rowan Dartington's cooperation with the FSA resulted in a much
reduced fine than would otherwise have been the case, but it has also helped to
develop an operationally strengthened and more robust service to clients.
In addition, further to the announcement made on 13 April 2010 in respect of the
unreconciled debtor balances of up to GBP1.4million, the Board of Rowan
Dartington have following further enquiry and in consultation with its advisers
concluded that a sum of GBP1,036,000 remains unrecovered and should therefore be
fully provided against. Despite making this provision, Rowan Dartington will
continue, with external assistance, to seek to identify and subsequently recover
these monies over the forthcoming months.
Enquiries:
Astiare Group Plc
Chris Roberts, Finance Director
Tel: 020 7448 4400
Maitland
Neil Bennett and George Hudson
Tel: 020 7379 5151
Fairfax I.S. PLC
Ewan Leggat
Tel: 020 7598 5368
This information is provided by RNS
The company news service from the London Stock Exchange
END
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