FSA bans IFA for fraud and financial crime offences
Share
The FSA has banned a sole trader IFA after he was convicted of 18 financial crime offences, including fraud and money laundering.
Adrian Bancroft, trading as UK Expatriates Independent Financial Advisory Services, was authorised to carry out regulated home finance and designated investment business.
In July 2010 Bancroft was convicted at Teesside Crown Court of ten counts of fraud by dishonestly making a false representation to make a gain for himself or cause loss to another.
The fraud offences include arranging for clients’ policies and bonds to be surrendered without their knowledge.
He was also convicted of four counts of obtaining a money transfer by deception, three counts of acquiring criminal property, and one count of money laundering.
Bancroft committed 15 of these offences while authorised by the FSA.
He was sentenced, also in July 2010, to three years imprisonment.
In a warning notice sent to Bancroft dated January 25, 2011 the FSA says: “The convictions, and the conduct which gave rise to them, go directly to impugn your honesty, integrity and reputation, and therefore demonstrate that you are not a fit and proper person to perform any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
View results 10 per page | 20 per page
Readers' comments (17)
Ivan McCullough | 15 Apr 2011 11:16 am
Well done FSA its only taking you 9 months !!!! how can something like this take you so long ? Good job he was in prison or he would have still been trading in this time.
Unsuitable or offensive? Report this comment
Anonymous | 15 Apr 2011 11:16 am
Agree with everything that has happened to this Sole Trader, But would they have done the same to a Bank employee!!!!!!!
Unsuitable or offensive? Report this comment
Anonymous | 15 Apr 2011 11:20 am
The law of the land and the fraud office was used to investigate and catch this fraudster. It begs a question what have the FSA been doing and why do we need them ....... and their fat salaries , expense accounts guaranteed pensions.
Unsuitable or offensive? Report this comment
Anonymous | 15 Apr 2011 11:31 am
Sounds like Adrian has a wonderful future as an MP to look forward to (when he gets out). He's certainly ticks all the boxes.
Unsuitable or offensive? Report this comment
Nick | 15 Apr 2011 11:43 am
what was the FSA doing while he was doing this?
Unsuitable or offensive? Report this comment
Sterto | 15 Apr 2011 11:45 am
Anonymous | 15 Apr 2011 11:20 am
Fraud and Money Laundering are Criminal Offences so needs to be handled by the police and the courts.
The FSA only has Civil Powers.
As usual a posting on here with no real understanding of law, regulation or rules.
Unsuitable or offensive? Report this comment
Zorro | 15 Apr 2011 11:49 am
Consider the thousands of fraudulent claims sanctioned and facilitated by the FOS. This is state sponsored fraud. PS did you know Mr & Mrs IFA that your are obligated to report FOS claiments to your ML authorities if you merely "suspect" they are making a claim in disregard of of the truth! THIS IS NOT OPTIONAL - YOU ARE OBLIGATED!
Unsuitable or offensive? Report this comment
Anonymous | 15 Apr 2011 12:12 pm
Only 9 months after conviction....the FSA really are getting their act together!
I know of one IFA who was convicted in January 2009 and STILL has not had any kind of sanction from the FSA........
As to the difference between criminal offenses and the FSA powers, the FSA are a supervisory body and therefore are supposed to identify these events as a matter of course BEFORE the victims complain to the Police. So 'what was the FSA doing....' is a perfectly legitimate question.
They should spot irregularities, criminal or otherwise, as part of their supervision.
Unsuitable or offensive? Report this comment
Evan Owen | 15 Apr 2011 12:14 pm
"Authorised and regulated by the Financial Services Authority" on your stationery and website.
Is it a licence to do what you like?
I asked the FSA if it would be wise for providers to check the register to see whether the firm asking for direct cheques and money transfers can 'hold client money', they say they depend on the firm to be honest and true.
POINT, FINE, BAN!!!
Dear regulators, regulation is not supposed to be some kind of after the event insurance!!
Unsuitable or offensive? Report this comment
The Informer | 15 Apr 2011 12:44 pm
There's a similar former IFA in Edinburgh who has an older woman fronting an IFA business for him and he is continuing his bad advice practice. More innocent clients to the slaughter.
Where are the FSA?
Unsuitable or offensive? Report this comment