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Company Directors Fined and Banned by FSA

The Financial Services Authority (FSA) has fined and banned three former directors of the sub-prime lender Cattles and its subsidiary Welcome Financial Services, after finding that they had published misleading information to investors about the quality of their loan book. James Corr, Peter Miller and John Blake have been fined a total of £700,000 and will be unable to take on any functions in any activities regulated by the FSA.

If your company is considering removing directors, you may like to take a look at this set of template documents, including a Programme for Removal or Replacement of a Director, which sets out the steps whereby the shareholders of a company can remove a director from office and, if required, replace that director.

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