PIA EXPELS BOWBANKS & FIELD LIMITED

20 Sep 2001 12:00 AM

The Personal Investment Authority (PIA) announced today it has expelled Bowbanks & Field Limited of 7 High Street, Hucknall, Nottingham, NG15 7HJ. The firm was expelled on 16th August 2001 and is no longer authorised to conduct investment business.

The firm was expelled on the ground that it had ceased to be fit and proper to conduct investment business because of the conduct of its sole director and registered principal, Mr Graham Field.

On 15 December 2000, Mr Field pleaded guilty in Nottingham Crown Court to perverting the course of justice and to obtaining money by deception. The charges arose out of Mr Field''s conduct following a motor accident. He obtained and produced to the police a backdated motor insurance cover note and subsequently claimed against the policy. Mr Field obtained payment of #22,196 from the insurance company concerned. Mr Field was sentenced on 15 January 2001 to four months imprisonment.

Since the beginning of the year, the PIA has taken disciplinary action against 56 firms, resulting in fines totalling #1,562,000.

A total of #46 million has been set aside by firms for compensation. Of those cases where disciplinary action has been taken, 16 related to pensions review failings, totalling #358,000 in fines.

The PIA has also suspended 17 firms for failing to renew professional indemnity cover and 4 on the grounds that they may not be fit and proper to carry on investment business. 2 registered individuals and 1 firm have been terminated on the grounds that they are no longer fit and proper to carry on investment business. 8 firms have been expelled and 3 have been suspended from PIA on the grounds that they no longer meet financial resources requirements.

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Enquiries to:

Public: Consumer Helpline 0845 606 1234

Notes to Editors:

1. Bowbanks & Field was admitted to PIA membership on 18 July 1994 and was a Category B3 member. PIA Category B3 members are authorised to arrange investment transactions and give investment advice but not to handle clients'' money or assets.

2. The firm also operated from 3 Victoria Road, Netherfield, Nottingham.