FSA has withdrawn approval from Steven Moorley, the former CEO of a firm in liquidation, to carry on the CF3 and 8 functions. It would also have fined him £30,000 but that would have threatened his solvency. It found Mr Moorley failed in many areas of compliance, but most seriously by not having in place systems and controls to monitor its ARs. This led to the ARs being able to use the firm for financial crime.