The FCA has banned and fined an adviser £109,400 for repeatedly lying to the regulator about whether she was qualified to give investment advice.
Elizabeth Parry was a sole trader and was authorised to give investment and mortgage advice. She was also authorised to carry out consumer credit activities.
The FCA says Parry made six misleading statements to the regulator between January 2013 and September 2015 to give the impression she was qualified to give investment advice post-RDR.
Parry told the regulator she was in ongoing discussions with the Chartered Insurance Institute as to why it had not supplied a statement of professional standing.
In October 2013, Parry submitted a fake SPS document to the FCA saying it was valid until January 2014. In May 2014 she submitted another fabricated SPS.
After enquiries by the FCA, in July 2015 the CII informed the FCA it had no record of Parry applying for an SPS.
Parry admitted her misconduct in a compelled interview in November.
FCA director of enforcement and market oversight Mark Steward says: “We raised the minimum qualification standards in order to protect consumers from financial harm, and Miss Parry’s behaviour demonstrates a clear disregard of those standards and her duty to be honest with the FCA.
“We will not tolerate this sort of behaviour.”
Parry ceased to be authorised in November and has ceased trading.