View more on these topics

Court fines businessman £35,000 for faking FSA authorisation

The FSA has prosecuted Mayson Shanti of Marcham, Abingdon for falsely claiming his company was FSA authorised, resulting in a £35,000 fine from Didcot Magistrate’s Court.

Shanti is the first individual to be prosecuted by the regulator after he claimed that his company, Chase Capital Finance Limited, was authorised by the FSA.

Shanti and Chase Capital were found guilty of placing advertisements in the BT Telephone Directory and Yellow Pages, falsely stating that Chase Capital Finance was authorised by the FSA to carry out regulated financial services.

Chase Capital, which is no longer trading, was also fined £1,000 for the offence by Didcot Magistrate’s Court.

Shanti and Chase Capital were also ordered to pay £1500 each in respect of the FSA’s costs.

The regulator says there was no evidence that any consumers had lost out as a result of the advertisements.

FSA director of enforcement Margaret Cole says: “By lying that his company was authorised, Mr Shanti undermined the FSA’s process for ensuring that people who work in the financial services market are fit and proper. We take false claims of authorisation seriously and where possible will prosecute to the full extent of the law anyone suspected of doing so.”

Recommended

Professional perspective

The McDonald report on training and competence in the financial services industry was published by the Securities and Investments Board in May 1990. The report was accepted by the board shortly after that and the process of implementation began after that. It took four years altogether.

Regulate or compensate?

Misselling scandals have plagued the industry across product areas over the years but the Financial Ombudsman Service now says a surge in single issue complaints may see it act as a surrogate regulator.

The Merchants Trust PLC – April 2017

Welcome to the latest update for The Merchants Trust PLC from the Trust’s portfolio manager, Simon Gergel. Portfolio Review The Merchants Trust reported results this month and the directors were pleased to announce a 35th consecutive year of dividend growth (subject to shareholder approval at the AGM). The Company is proud to be highlighted as […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com