Broker gets the red light from Central Bank

Another stockbroker, BCP, has been ordered by the Central Bank to stop taking on new clients. Following the collapse of MMI Stockbrokers, the Bank has been keen to prevent any more trouble among brokers and already this year has instructed Fexco stockbrokers to stop taking on new clients at its execution only operation. Curiously, the move was announced by the broker after the financial community had closed down for the Easter holiday on Thursday evening - with no senior BCP officials on hand to elaborate on the reasons behind it until yesterday.

The unfortunate approach will have done little to assuage the initial worries of clients. Most damaging of all, the announcement came a full two weeks after the Central Bank issued its edict.

All of which raises the question of why the Central Bank did not bother to issue a statement itself . . . two weeks ago. Once again, it seems the consumer is the last concern of the business and the regulator. Poor form.