Regulator bans director
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The FSA has banned Martyn Powsney, the former director of now defunct IFA firm Powsney & Co Ltd, from holding positions of significant influence in any FSA-authorised firm.
The regulator says Pownsey failed to put in place systems and controls to ensure customers received suitable advice and failed to take sufficient remedial action.
Following an initial visit in 2007, the FSA required Powsney to take action to rectify “serious failings” at Powsney & Co Ltd.
A subsequent assessment by the FSA in 2008, as part of its assessment programme for small firms, identified similar concerns to the 2007 visit.
Powsney & Co Ltd is in liquidation.
FSA head of department, enforcement and financial crime Tom Spender says: “Powsney lacked competence and capability. It is vital that those running firms have the competence and capability to put systems and controls in place to ensure suitable advice is given and customers are treated fairly. Individuals who do not have these qualities are a risk to consumers and face being banned.”
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