FSA bans and fines IFA £10,500
The FSA has banned an IFA and fined him £10,500 for misleading clients and failing to have the necessary competence to provide financial advice.
Adrian Mosley, sole director of West Yorkshire-based firm Mosley & Company, has been banned from holding a significant influence function or acting as a sole trader.
The FSA found Mosley made potentially misleading statements to customers about their rights and told some clients his services were execution-only when they were advised sales.
He also encouraged clients to sign a waiver declaring that they ‘could see no wrongful advice now or in the future’.
Mosley also failed to adequately research products for clients and failed to assess clients’ personal circumstances and record why recommendations were suitable.
He recommended and arranged regulated mortgages for his customers, despite not being qualified to do so. He also failed to ensure an adequate complaints handling process was in place.
FSA head of retail enforcement Bill Sillett says: “In taking this action, we are protecting the public from an IFA who misled his customers and was neither competent, capable nor qualified.
“Mosley has now been banned and fined. This should act as a message that the FSA will dedicate time and resource to punishing misconduct across all areas of the financial services industry, whether the firm is small or large.”
Have you looked at investment trusts more since RDR?