UK’s Financial Services Authority Concludes Investigation Into Collins Stewart & Collins Stewart Tullett

The Financial Services Authority has conducted an enforcement investigation into a number of allegations made against Collins Stewart Ltd and Collins Stewart Tullett Plc (formerly Collins Stewart Holdings Plc) by a former employee, Mr James Middleweek. These allegations have been widely reported in the media.

The FSA has written to inform Collins Stewart of its conclusions and the investigation is now closed.

Background

1. FSA enforcement investigations may have a number of outcomes. If the FSA finds there is no case to answer it may close its investigation and notify the individual or firm in question. Alternatively, if matters are identified which are of concern but do not warrant public disciplinary action, it may issue a private warning to the individual or firm. If the FSA finds there is a case to answer, it will recommend a course of action to the Regulatory Decisions Committee. This may include levying a financial penalty or withdrawing all or part of the individual or firm''s authorisations.

2. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.

3. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.