Directors from Simply Trading Group, Stephen Coles, Luke Ryan and Michael Yamoah have been censured and banned from senior management positions. However they escaped individual fines of £17,000 after pleading financial hardship.

STG, based in Hampshire and London, specialised in share sales conducted by telephone. The sales were carried out by two firms acting on its behalf which the directors were accused of failing to monitor adequately creating the risk that “customers may have received unsuitable investment advice”.

The FSA found that the three directors relied too heavily on an external compliance consultant and failed to ensure that STG met FSA standards.

Got to take the scalps where you can.