UK Regulator Bans 2, Reprimands 3 For Credit Union Failure
Law360, London (February 6, 2020, 1:12 PM GMT) -- The Prudential Regulation Authority said Thursday it has banned two former directors for their part in the failure of a company holding £7 million ($9.1 million) in savings for 1,900 members, its first enforcement action against individuals working for a credit union.
The regulator said it has banned Richard Nichols, former director of Enterprise the Business Credit Union Ltd., and Michael Grimsdale, director of an business that provided services to Enterprise, from performing regulated activities at financial services firms.
Nichols acted with a lack of integrity during his time at the credit union, while Grimsdale lacked integrity and was dishonest, the...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!