The director of a one-man financial advice firm has been fined and disqualified by the FCA for issuing false qualification documents.
Darren Cummings, of Northern Irish firm DCC Financial, fabricated two statements of professional standings, claiming they were issued by the CII.
According to a final notice, the FCA found the SPS 1 and SPS 2 documents gave the misleading impression that Cummings had appropriate qualifications to provide investment advice to retail customers.
The regulator says Cummings knowingly provided the fabricated documents, as well as making numerous other false and misleading statements concerning his qualifications.
Cummings was issued with a fine of £29,300 which is to be paid in 17 instalments of £1,650 over an 18-month period.
The FCA says: “Cummings poses a risk to consumers and to the integrity of the financial system, and is not a fit and proper person as he lacks honesty and integrity. Consequently, the authority considers it appropriate to withdraw Mr Cummings’ approval to perform the CF1 (director) controlled function in relation to DCC Financial.”
Cummings is also banned from performing any sort of regulated activity.
Money Marketing reported last month that a trainee adviser from St James’s Place has also been fined and banned after falsely claiming to hold CII qualifications.