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Banned adviser may be operating again

The FSA has launched an investigation after receiving information that a banned financial adviser may be operating again in Sussex.

George Piggott of Redbank Financial Services in Brighton, was banned from acting as a financial adviser after an investigation by the FSA and a hearing before the Financial Services and Markets Tribunal.

The FSA investigation had shown that, among other serious irregularities, Piggott had knowingly relied on forged documents.

The FSA has launched a second investigation after the local press revealed that Piggott is registered as a director of a company called Redbank Mortgage Brokers.

A spokeswoman for the FSA confirmed the probe, but added: “We cannot comment until we have conducted further investigations.”

When the tribunal sat at the end of last year it found that in addition to knowingly relying on forged documents, Piggott had also recommended lying to an insurance company and threatened a number of clients verbally as well as threatening to sue them. Piggott was banned from selling mortgages and insurance as well as operating as a financial adviser.

Speaking after the tribunal ruling a senior spokeswoman for the FSA said: “We take robust action when we discover financial advisers who are attempting to take advantage of their clients’ interests.

“Our investigations concluded that Mr Piggott posed a serious risk to consumers and through the information provided by some of his clients we have been able to ban him from undertaking further regulated activities.”

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