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FSA bans adviser jailed for stealing £1m from clients

FSA Front Door 480

The FSA has banned an adviser who was jailed for stealing more than £1m from his clients.

Derbyshire-based IFA Malcolm Green was jailed for five and a half years in February after admitting 42 counts of fraud, false accounting and obtaining money transfers by deception.

Green worked for MG Financial and Insurance Services.

A final notice published by the regulator today says: “The FSA hereby makes an order pursuant to section 56 of theFinancial Services and Markets Act 2000 prohibiting Malcolm Green from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.”

Green handed himself into police in March 2011 after targeting 38 victims over 20 years.

He issued clients with false bond certificates in an attempt to make their investments look genuine.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. What do they want a round of applause – I think that was pretty obvious in view of his actions don’t you?

  2. FSA need to go through their processes to get to the conclusion. Once they have reached the conclusion, they publish the outcome on their website.

    Once it is published, the press will pick it up and report on it.

    This one wasn’t accompanied by any statement or press release. Note the lack of press comment from FSA to accompany the story.

  3. First off to say great work FSA as this is some of the work you should be doing in the first place.

    I would also like you to crack down on individuals operating in financial services without proper authorisation. A good example of this would be a claims firm who is giving advice to clients on whether an investment has been miss-sold. I recently reported a claims firm advertising in a National News paper which was not FSA registered even though that advert clearly stated phone this number for advice.

    The fact is how can a claims firm review a client’s investment to check whether it has been miss-sold without having proper authorisation to give advice. I would have thought it is a simple matter of insisting that that company hold FSA authorisation and pays the appropriate FSA fees as it is profiteering from investment advice. Even if that investment advice is checking whether the product was sold correctly in the first place.

    We didn’t only report this company to the FSA we also reported it to Ministry of Justice and advertising standards authority in the hope that at least one organisation would take action. It is interesting that the FSA stated that they don’t regulate claims firms and I should report the matter to the Ministry of Justice. The MOJ contacted me this afternoon and stated that this should be reported to the FSA, you couldn’t make this up if you tried. I just wish somebody would regulate for a change instead of ducking responsibility. No wonder why crooks can operate freely in our trade when the regulators are so slow to react.

    I have not named the company in question due to the fact that I will hope that at least one of the regulators will take action. Claims firms in my opinion if they are giving advice should be regulated as they are giving an opinion on an investment. If financial advisers have to hold statement of professional standing to give advice on savings and investments the same should be true the companies who are giving advice in the field of claims otherwise the new RDR regulations make no sense at all. Wish I had the money to take this particular matter to court to force the regulator to take action under its own rules.

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