FSA has banned Stephen Danner, a former director of a small financial adviser which was a co-founder of Cru Investment Management Limited (CIM). CIM marketed the range of CF Arch cru funds to financial advisers. FSA found, and the Tribunal confirmed, that Mr Danner showed a continuing failure to appreciate or understand the obvious conflict of interest between him and his firm’s customers. Also, his business was organised so it was heavily weighted in favour of the funds, with no proper understanding of the risks involved. Finally, Mr Danner did not put in place procedures to vet or monitor the firm’s appointed representatives (ARs), nor approve promotions they issued. FSA did not fine Mr Danner because it had evidence a fine would cause serious financial hardship. (Source: FSA Bans Individual)