The statement:
Mr Foley released a statement, saying: “[He] wishes to make it clear that the first he learned of these issues was on Friday morning last, at the same time as the rest of the board. His decision to step down earlier last week was completely unrelated to these issues.”
Right so I have a company that has £29 Million in Client Accounts, now this is what happens I hand over my company to someone else till this point all seems fine. The new CEO comes in and spots that £12 million has
dissapeared.
According to FSA -They have to ensure the following poor practice is not put in practice:
FSA CLEARLY FAILED:
WS could not locate trust acknowledgement letters from banks or other third parties for each of their client money accounts.
• Client money and assets reconciliations were completely overlooked.
• They had been Inappropriately claiming ownership rights over client money.
• There were issues with TPAs around errors not being rectified promptly.
The compliance list is endless FSA are clearly responsible for the safety of the funds .IF FSA are not at fault then basically what this means is that on the night of the 15th the money disappeared..from all accounts?
The Story continues......
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