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BROKER BANNED FROM TRADING
The Financial Services Authority has banned a senior interdealer broker from working in regulated financial services after he was found to be operating without FSA approval.
Daniel Hassell worked for Vantage Capital Markets despite both him and the company being aware he was not considered to be a "fit and proper person" by the regulator.
The company was fined £700,000 in June last year for employing Mr Hassell in a position of "significant influence".
Although he was not a capital partner in the firm, Mr Hassell generated roughly half the company's revenue and took home a third of its profits.
He carried out the work despite Vantage twice having applications for Mr Hassell to be authorised turned away by the FSA.
The FSA rejected the applications due to information it had gathered during a long-running investigation into Mr Hassell. Although the investigation was dropped in 2007 the FSA said it did not consider Mr Hassell to be a fit and proper person.