Andrew David Bowden, trading as Scott Jarrett Bowden and Partners, and Shaun Lawrence were both banned by the regulator today for “displaying a lack of honesty and integrity” which consequently misled the FSA.
The FSA said Bowden had submitted false and unverified information on the firm’s regulatory reports to the FSA, while Lawrence removed documents from files before sending them on to the regulator. Both activities failed to reach the appropriate regulatory standards.
Other issues include failure to keep a secure record of all customer files, which the FSA says is “serious because personal and confidential customer information could fall into the wrong hands and possibly be used for the purposes of financial crime”.
FSA’s head of retail enforcement Jonathan Phelan says: “The FSA will not tolerate firms who fail to understand and comply with our rules. The actions of both brokers amply illustrate that they lacked not only the competence and capability to follow our rules, but also demonstrated a failure to act with honesty and integrity.
“We have now ensured that both Mr Bowden and Mr Lawrence are unable to work in the regulated industry again and this sends a message to firms that we take failures to comply with relevant standards extremely seriously.”