Director banned for faking £160k FOS award letter
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The FSA has banned a director from working in financial services after he faked a letter from the Financial Ombudsman Service claiming that a £160,000 award had been made in a client’s favour.
Richard James Prudence, a director at Essex firm Unizone, also issued a false investment valuation to clients which materially overstated their investment value. The FSA says Prudence was able to keep his actions from Unizone as a result of his senior position.
Prudence admitted to the FSA that he had acted dishonestly but said his motives were not dishonest. He told the regulator that his behaviour was brought on by a period of enormous personal pressure and he acted dishonestly in an effort to help his clients.
Prudence is no longer working in financial services, having left Unizone in August 2009.
The FSA says Prudence co-operated fully and his approach reflects positively on him.
But in its final notice to Prudence, the regulator adds: “Your misconduct goes directly to impugn your honesty, integrity and reputation.”
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