The Financial Claims Authority recently announced that it has barred Tucan Claims Limited from offering claims management services. The Bristol based company had been regulated to offer these services. The FCA revoked its license for failure to pay clients funds that it collected on their behalf.
In addition to precluding Tucan from handling financial claims, the FCA has temporarily barred its executives from offering any type of financial service. Melfyn Roberts has been prohibited from working in the financial industry for another nine years. James Alexander Ryan has been barred from working in the industry for three and a half.
Neither executive will be allowed to promote any firm in a direct or indirect capacity. They may have difficulty working in the field again after their hold is up.
While the FCA has barred Tulcan Claims from providing claims handling services, the company may face much more serious legal problems in the near future. The Insolvency Service is going to continue to investigate. They may uncover additional information that could lead to a prosecution.
Many people are starting to become concerned that they will never see their money again. They may receive some solace if Tulcan’s executives are convicted, but people will remain sorely disappointed that they are not getting compensated for the money they lost.
The FCA has discussed a number of different mistakes that the two directors made. Roberts was accused of negligently handling customer funds. Ryan was found to be less culpable, which was why he received a lighter sentence.
However, the regulator accused Ryan of failing to report Roberts’ negligence. They also said that he didn’t report his own role as a director to them, as required by law. Therefore, he was found liable for the problems as well.
The FCA said that it needed to take serious action against Tucan for the failure. The regulator needed to set an example for other financial service companies to ensure similar problems don’t arise in the future.
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