Peter Young was dismissed almost immediately although no other disciplinary action has yet been taken. Five other Morgan Grenfell executives have paid with their jobs too. The firm itself has paid both a hefty fine and compensation. Now, at last, 18 months after the scandal came to light, the regulatory authorities in the shape of Imro, have caught up with the trustees, first General Accident and then Royal Bank of Scotland.
It was their job to ensure Mr Young was investing clients' money within the rules, particularly those relating to what proportion of funds could be put into highly speculative, unlisted securities. They have now agreed to pay fines and costs totalling pounds 800,000 - paltry set against the pounds 220m that disappeared, but nevertheless proportionate to their role in the catalogue of failures that allowed the affair to happen.Reuse content