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Doubting Thomas

I am sure the FSA would be happy if readers did not follow Dr Thomas&#39s advice to report David Stonebanks for giving financial advice without authorisation. It is not a breach of the act to give financial advice while unauthorised so long as this activity is not “carried on by way of business” (section 22(1)).

Mr Stonebanks may have been running his campaign for demutualisation for personal gain but it is not something he was carrying on by way of business so he was not doing anything that might interest our friends in Canary Wharf.

Adam Samuel

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