SFA orders broker to stop trading

The Securities and Futures Authority (SFA) has ordered Manchester stockbroker John Siddall to cease trading for failing to maintain adequate financial resources.

The broker has been told to stop trading immediately and to arrange for clients and the management of their accounts to be transferred to another firm. The SFA said that Siddall had informed it on a number of occasions that it would rectify its financial position, hit by a pounds 600,000 loss on a speculative Canadian share, but it had failed to do so. Last month two of Siddall's former directors were expelled from the SFA register of directors following a reprimand for the firm relating to share-dealing in Anglia Television.