Bigblu Broadb. Regulatory News (BBB)

18 Jan 2006 10:40

Berkeley Berry Birch PLC18 January 2006 Berkeley Berry Birch plc ('BBB') Update on Regulatory Capital BBB announces that its subsidiaries, Berkeley Independent Advisers Limited('BIA') and Berry Birch & Noble Financial Planning (Weston) Limited ('Weston'),have withdrawn their references to the Financial Services and Markets Tribunalin respect of the FSA's Decision Notices of 29 July 2005. These Decision Noticeswere issued because of regulatory capital breaches by BIA and Weston. The FSAhas agreed that it will not serve Final Notices in respect of these DecisionNotices before 27 February 2006 and shall, in any event, not serve a FinalNotice in respect of the Decision Notice if BIA and Weston provide the FSA withwritten opinions from its auditors that they are compliant with the prudentialRules on capital adequacy. If BIA and Weston are unable to provide such anopinion, the FSA would serve the Final Notices. This would have the effect ofcancelling these companies' permissions to conduct regulated financial servicesbusiness. Berry Birch & Noble Financial Planning Limited, which ceased to conductregulated business on 19 December 2005, has also withdrawn its reference to theTribunal. Commenting on the agreement reached with the FSA, John Joyce, Chairman of BBB,said that: "This agreement will enable BBB to focus fully on its refinancing plans. The BBBBoard has met and reviewed the plans, which are proceeding within the expectedtimescales." For further information contact: Andrew Shortis, Group Managing DirectorBerkeley Berry Birch plc 024 7623 2176 This information is provided by RNS The company news service from the London Stock Exchange