Conclusion to FSA Action at Subsidiary

 

TIDMASTR TIDMEVOL 
 
RNS Number : 1682N 
Astaire Group Plc 
07 June 2010 
 

 
 
 
 
                                Astaire Group Plc 
 
                          ("Astaire Group" or "Group") 
 
                     Conclusion to FSA Action at Subsidiary 
 
As announced by the Financial Services Authority (FSA) this morning Astaire 
Group subsidiary Rowan Dartington & Co Ltd ("Rown Dartington") has been the 
subject of enforcement action by the FSA leading to a fine of GBP511,000 for 
administrative breachesbetween May 2007 and September 2009. 
 
The management of Rowan Dartington has worked closely with the FSA throughout 
its investigations, and welcomes its findings which relate to these historic 
issues. 
 
Whilst these breaches relate to the treatment of client money, Rowan Dartington 
wishes to clarify that no clients suffered actual financial loss as a result of 
these issues. 
 
Not only has Rowan Dartington's cooperation with the FSA resulted in a much 
reduced fine than would otherwise have been the case, but it has also helped to 
develop an operationally strengthened and more robust service to clients. 
 
In addition, further to the announcement made on 13 April 2010 in respect of the 
unreconciled debtor balances of up to GBP1.4million, the Board of Rowan 
Dartington have following further enquiry and in consultation with its advisers 
concluded that a sum of GBP1,036,000 remains unrecovered and should therefore be 
fully provided against. Despite making this provision, Rowan Dartington will 
continue, with external assistance, to seek to identify and subsequently recover 
these monies over the forthcoming months. 
 
Enquiries: 
 
Astiare Group Plc 
Chris Roberts, Finance Director 
Tel: [phone] 
 
Maitland 
Neil Bennett and George Hudson 
Tel: [phone] 
 
Fairfax I.S. PLC 
Ewan Leggat 
Tel: [phone] 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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