View more on these topics

FSA bans adviser for quality and compliance failings

The FSA has banned Worcestershire financial adviser Norman Mark McCance for quality, suitability of advice and compliance failings at his firm, Penn Financial Services Unlimited.

The FSA found that McCance, who specialised in investment bonds, lacked competence and capability. As Penn’s sole director he also failed to ensure that the firm met FSA compliance standards.

The regulator found that McCance acted recklessly in arranging transactions in terms of suitability, particularly in relation to advising customers to re-mortgage to raise funds to invest in investment bonds. The FSA says the bonds were unlikely to generate sufficient income or capital to repay the mortgages.

He also failed to provide written loss guarantees to individuals who complained about the performance of their investment bonds and failed to record sufficient and accurate information about customers’ personal and financial circumstances.

McCance also completed mortgage applications with inaccurate information and conducted pension transfers outside the scope of Penn’s permission.

As a director, McCance failed to put in place adequate and effective compliance arrangements, monitor or review the firm’s business through compliance checks or improve the firm’s compliance resources.

FSA head of retail enforcement Jonathan Phelan says: “It is vital that approved persons demonstrate the necessary degree of competence and capability when providing investment advice and overseeing compliance by a firm. Those who do not demonstrate the necessary degree of competence and capability face the risk of being prohibited from the financial services industry.”


Iain Chadwick

The Budget 2015: a brief overview

Following George Osborne’s delivery of his sixth Budget as chancellor and the last of this current parliament, we have provided a brief overview of the initiatives put forward in his statement, focusing on the topics that have an impact upon the pensions landscape, savings, personal taxation and businesses.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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