High Court backs SFA on liquidation of Branston

Article Abstract:

The UK High Court has ruled against the liquidated UK stockbroker, Branston & Gothard, which had filed for its liquidation to be classed as voluntary. This would have given control of reclaiming assets, owed to 14,500 investors, to the existing management team. The court ruled that the liquidation be compulsory which puts the control of the winding up of the company to the existing appointed liquidator, PriceWaterhouseCoopers. It had been appointed by the industry regulator, the Securities and Futures Authority, which had closed the firm in April 1998 for 'deficiency in financial resources'. Branston & Gothard was one of the oldest stockbroking firms in London.

Comment:

UK High Court rules vs this UK stockbroker which had filed for its liquidation to be classed as voluntary

Organizational history, Stockbrokers, Branston and Gothard

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Treasury bans income bonds as too risky

Article Abstract:

Multi-index-bonds, 5 year investments that have returns linked to more than one stockmarket, have been condemned as too risky for investors and in breach of recent consumer financial regulations by the government. As a result they have banned their sale. In the recent past actuaries had complained that marketing staff where not clearly explaining the risks of the bonds to investors. Since 1995 over GB 1bn has been invested in these bonds and these investment will be allowed to run their course.

Comment:

UK: Government bans sale of 5-yr Multi-index-bonds investments which have been condemned too risky for investors

Government regulation (cont), Bond Brokerage, Bond brokers

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