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FCA bans and fines adviser £110k for lying about qualifications

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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.

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Comments

There are 6 comments at the moment, we would lover to hear your opinion too.

  1. Why oh why do the FCA feel compelled to leave such things like qualifications and SPS certs to a third party like the CII and others ?

    These are a massive part of being authorized, could this not run along side of the FCA register and the RMAR returns ?

    What damage “if any” has this person done in the past 3 years while the FCA have been looking into this ? 3 years…… really ?

    The FCA cost the consumers of the financial services firms over £500 million a year…… I am embarrassed to have such a woefully inadequate regulator !

    3 years to check if an adviser is qualified
    11/2 years to people authorized
    goodness how long to sort out things like, keydata, arc cru, lifemark and endless land grab scams etc etc etc

    The only thing they seem to be on the ball with is making sure any payment due to them is made within the 30 day time limit !! they get their arse into gear then if its not, don’t they ?

  2. I think a point has been missed here, she was NOT an adviser, she was a fraudster who the FCA AUTHORIZED having failed to check the validity of her FORGED documents!

    • The point Phil is very clear !

      Pre RDR she was an qualified & authorized adviser, flip over to RDR she was not, and it took the FCA 3 years, to fathom she hadn’t passed the required exams !

      She presented the FCA with 2 fake SPS certs one in 2013 and then another in 2014 !!! and with countless lies to boot !

      I have seen more alert security guards in Woolworths !

  3. Not a good story at all.

    Why did she do that?

    And some great observations above. It will be interesting to see where any claims go. Ms Parry was a sole trader it seems. The FSCS will no doubt be looking at this as will any ‘ambulance chaser’.

    Sole trader = open ended liability way beyond 15 years at the moment. Ms Parry may consider a move abroad to be a good idea.

  4. How about similarly tough treatment for CMC’s that assist and encourage people to submit fraudulent complaints against financial advisers?

  5. It is beyond me why the FCA isn’t the sole issuer of SPS certificates. Instead it is farmed out to corporations who use it to make a profit. If it is a mandatory requirement of being regulated then the FCA should handle it.

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