FSA reveals details of advisers awaiting tribunal under new powers of publicity
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The FSA has published two notices for enforcement decisions that have been referred to the Upper Tribunal.
These are the first decision notices to be published while an appeal is ongoing under a power given to the the regulator by Parliament in 2010.
In March, the FSA prohibited Stuart Unwin of Unwin Financial Services from holding a significant influence function on the basis that he is neither competent nor capable of doing so.
According to the FSA, Unwin failed to ensure his firm had adequate systems and controls to ensure occupational pension transfer advice given by the firm was suitable and signed off by a pension transfer specialist despite being previously warned by the FSA he must do this.
The FSA also considers that Unwin delegated compliance responsibilities to an individual that lacked experience and failed to check the standard of work. It says Unwin failed to ensure effective monitoring of his sales staff, including trainee advisers.
In February, the FSA prohibited Derek Wright, an insurance broker and director of Moorgate Insurance Agencies, from all regulated activity on the grounds of honesty, integrity and competence.
The FSA believes Wright was unwilling to comply with the FSA-approved person regime and provided misleading information to the FSA. The FSA says Wright arranged for his wife, Mary Wright, to take on the FSA-approved roles while he ran Moorgate Insurance Agencies.
Unwin and Wright have both referred their cases to the tribunal, which may uphold, vary or cancel the FSA’s decision.
The date for these hearings has not yet been set.
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