THE BUSINESS AND PROPERTY COURTS IN MANCHESTER
INSOLVENCY AND COMPANIES LIST (CH)
Bridge Street West
Manchester, M60 1WJ
B e f o r e :
|THE SECRETARY OF STATE FOR BUSINESS, ENERGY|
|AND INDUSTRIAL STRATEGY||Claimant|
|- and -|
|(1) MR GARY JOHN GREGSON|
|(2) MR ANDREW ROY BROOKE|
|(3) MISS SHALLES FEE ONIDO|
|(4) MISS NOVA ESPOLTERO||Defendants|
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MR GREGSON appeared in person
Crown Copyright ©
"A CAS debt management firm must keep such records and accounts as are necessary to enable it at any time and without delay to distinguish client money held for one client from client money held for any other client and from its own money."
Rule 11.11.6 required such firms to carry out periodical reconciliations of its internal records and accounts to check that the total amount of client money that should have been in segregated client accounts is equal to the amount it actually has in those accounts.
"It is not the FCA's role to take operational decisions regarding the movement of monies between your firm's bank accounts in order to make creditor payments. As the owner of the business, that decision lies with you."
On no sensible basis in my view could that have been treated either as a request to be released from the commitment or an indication by the FCA that he could do what he liked and was free from that commitment, especially since at the time the FCA was actively chasing a full reconciliation to know whose monies was in which accounts.
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