On August 6, the FSA issued a final notice censuring City Gate Money Managers Ltd (City Gate), an intermediary firm, and banning its director and compliance officer, Stewart Domke, for financial promotion and other compliance failings.  Final Notice.

The FSA found that City Gate breached s.20(1)(a) FSMA as it had advised on pension transfer and income drawdown business when it did not have permission to do so. City Gate was also found to have produced a financial promotion which failed to explain in offer letters the risks of investing in the offer being promoted. Mr. Domke failed to ensure that the financial promotion issued by City Gate complied with FSA rules. The FSA withdrew his approval to perform significant influence functions and banned him from performing any significant influence function in relation to any regulated activity.

The final notice states that the FSA would have fined City Gate £180,000 had it not been in liquidation, but issued a public censure instead.