FSA fined a director of a firm £17,850 for breach of its Principle 6 for approved persons. It found that, among other things, he failed to calculate the firm’s capital position correctly. As a result, the firm operated for over a year in breach of its financial resources requirement without the board, its parent or FSA being aware of this. FSA said Graeham Sampson did not take reasonable care to understand the requirements that applied. It was particularly concerned as the firm in question was a Self Invested Personal Pension (SIPP) scheme operator, so the potential risks were to customers’ pensions. (Source: Final Notice – Graeham Stuart Sampson)