The Financial Regulator has reached a settlement with Broadstone Fund Management that will see two of the company's directors barred from managing IFSRA regulated firms for 18 months.
The directors, Gerard O'Neill and David Murray are to stand down following an investigation which uncovered breaches of regulations governing capital adequacy and operational risk.
The Financial Regulator has confirmed that none of the breaches gave rise to a concern in relation to the integrity of client money and procedures have been put in place to return all Broadstone Fund Management's client monies to clients or transfer them in accordance with client's wishes.
The Financial Regulator confirms that all parties co-operated with the examination and the matter is now closed.