FSA acts against local IFAs

The three firms are:

• Gallagher & Company, 17 Malone Court, Downpatrick, Co. Down BT30 6UA

• Allan Austin Investment Services (AAIS), 16 Carmel Street, Abertillery, Gwent NP3 1DG

• Midgleys Insurance Mortgage & Pensions (MIMP), The Studio, 20 Stony Lane, Eccleshill, Bradford BD2 2HN

The FSA action consisted of preventing each firm from advising on and arranging deals in investments for consumers.

The action was taken after the FSA concluded that the firms were failing to satisfy the minimum standards required for a firm to remain authorised under the Financial Services and Markets Act (the Threshold Conditions) in that:

(i) Gallagher and AAIS failed to maintain professional indemnity insurance;
(ii) AAIS and MIMP failed to comply with PIA Ombudsman Awards;
(iii) Gallagher failed to provide information requested by the FSA.

The risk of loss or other adverse effect on consumers by these failings caused the FSA to have very serious concerns about these firms, and is such that the FSA considered it appropriate to use its power to prevent the firms from conducting regulated activities with immediate effect.

Notes for editors

1. Details of the cases are available from the FSA.

2. The principals of the firms are:

   Gallagher & Company - Eugene Gallagher;
   Allan Austin Investment Services Allan Rowland Austin
   Midgleys Insurance Mortgage & Pensions Jack Vincent Midgley

3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; the appropriate degree of protection of consumers; and fighting financial crime.

4. The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.