Former City Executive Banned for Performing a Significant Influence Function without FSA Approval

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On February 9, the UK Financial Services Authority (FSA) announced that it had banned Daniel Hassell, formerly a consultant at Vantage Capital Markets LLP, from working for a regulated financial services firm. The FSA found that Mr. Hassell had performed a significant influence function at Vantage without FSA approval.

Vantage had three capital partners. Mr. Hassell's job title was consultant. The majority of Vantage's brokerage business was previously owned by Mr. Hassell. That business line generated around half of Vantage's revenues. Although Mr. Hassell was not a capital partner at Vantage, he received approximately one third of Vantage's profits, was, on occasion, presented as an owner in correspondence and generally exercised a significant influence over the firm.

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