View more on these topics

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 last week says: “The FSA has concluded, on the basis of the facts and matters and conclusions described in the Warning Notice issued to Malcolm Green on 20 August 2012, and in the Decision Notice, that Malcolm Green is not a fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity.”

Green handed himself in to 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.

FSC Investment Services managing director Frank Cochran says: “I think this is a very sad case. At the end of the day advisers are in a position where they should be looking after their clients and doing the best by them. This kind of thing really does ruin the reputation of the industry for the majority of advisers who are doing a good job.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com