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Adviser banned and fined £20k for faking RDR qualifications

The FCA has banned and fined a former retail investment adviser £19,900 for fabricating statements of professional standing.

Ewan King is the first adviser to be banned for fabricating SPSs.

King was an appointed representative and led this firm to believe he held an SPS from the Chartered Insurance Institute. When challenged to produce his SPS, King sent two fabricated documents.

The FCA then checked the validity of the SPS, only to be told by the CII King had not applied for or been issued with an SPS because he had not reached QCF level four.

King later admitted to his principal firm he had failed the relevant exams and his contract was terminated.

The FCA has made no findings against the principal firm. The CII has withheld publication of the case so as not to prejudice the FCA’s investigation.

FCA director of enforcement and financial crime Tracey McDermott says: “Pushing up professional standards was a key objective of the RDR. Thousands of advisers have met those standards. Mr King failed not only to achieve the qualifications required by RDR but then acted dishonestly and continued advising customers. 

”His conduct fell woefully short of the standard that we, and consumers, demand of those who work in the financial services industry.” 

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  1. This is indeed good news that the FCA is starting to check registrations of advisers to make sure that they have the correct qualifications and SPS certificates to hold authorisation.

    I would also hope that the FCA start to clamp down on non-authorised organisations and people who give advice without holding any authorisation. I wonder how many prosecutions there were last year for individuals or companies giving advice without authorisation and I include information only services that in my opinion break the rules of the FSMA 2000 and 2012.

    After all isn’t the primary statutory objective of the FCA to protect the consumer!!

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