Sin Bin: FCA hit former Rangers finance advisors with £1.2m fine over market abuse risks

City watchdog the Financial Conduct Authority said WH Ireland did not have the right controls to prevent information leaking from the private to the public side of its business and prevent “market abuse being detected or occurring”.

The FCA also found that the firm had failed to have an effective, written conflict-of-interest policy.

The firm has been banned for 72 days from taking on new corporate broking clients.

WH Ireland stepped down as nominated financial advisers to the Ibrox club last March when they were still on the Stock exchange.

The FCA said: “We expect all firms to have the right controls in place to mitigate risks and protect clients.”

WH Ireland boss Richard Killingbeck said the firm were now making changes to their management, systems and controls.