Two arrests made in FSA investigation into unauthorised financial advisers
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The FSA has taken action against two individuals suspected of providing financial advice when not authorised to do so and making misleading statements to investors.
The FSA executed search warrants, with the assistance of the West Midlands Police, on three premises in the West Midlands and two individuals were arrested. The FSA investigation is ongoing and no one has been charged at this stage.
The regulator says it cannot comment further at this time.
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Readers' comments (9)
Simon Webster | 23 Nov 2011 11:43 am
This is actually very good news for all authorised professionals. I wondered if I would ever say it, but, "well done FSA!"
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Anonymous | 23 Nov 2011 11:47 am
Well done FSA !!
Register needs to be more widely publiciised to general public to confirm adviser status (or not) .
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Anonymous | 23 Nov 2011 12:08 pm
Whilst this is indeed good news, I will delay congratulating the FSA - most of these types of cases, along with actions taken against firms who's Financial Promotions aren't compliant, are as a result of other advisers whistleblowing.
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Peter Herd | 23 Nov 2011 1:12 pm
Well done to the FSA and I agree with some of the comments above that the register needs to be publicised more!
I also hope the FSA starts to check whether Solicitor practices are actually registered with the FSA, as many of them offer wealth management services without actually being registered with the FSA or have an agreement in force with IFA. When I mean registered I mean under the Exempt Professional Firm part of the register. After all laws of the land do apply to Solicitors as well.
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Exasperated Me | 23 Nov 2011 2:34 pm
MAS advisers are running around out there without any authorisation!!
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Shaks | 23 Nov 2011 2:40 pm
Well done for what? The FSA spends 99% of its time and resources wasting time and money and dis-advantaging advisers. So if they get it right once it doesn't make them heroes by any stretch of the imagination.
You don't pat people on their back for occasionally doing the job that they're over-paid to do. It's their job, not a saintly deed. Failing most of the time is not really that good is it??? Or is it a British thing that the occasional success is celebrated. I suppose it helps people deal better with their vast inadequacies.
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Shaks | 23 Nov 2011 6:20 pm
You did not get the sarcasm - its a Briish thing lol
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John Harding | 25 Nov 2011 10:48 am
Praising the Regulator for such a minor success is really clutching at straws.
The FSA's abject failure to address major problems within the 'Advice' sector is not absolved by two arrests. After all we have no idea how many clients may have been 'advised' by these people, it may just be a handful or perhaps a few hundred at most. Set against the hundreds of thousands actively miss-sold by the large institutions I suspect this case will prove to be very small beer.
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phil spierling | 25 Nov 2011 3:29 pm
this is what i want the FSA doing,,,out there stopping the villians
good job on the FSA guys or girls who sorted this one
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