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FSA reveals first prosecution for providing false information in approved person application

A former mortgage broker has been given an 18 month suspended sentence for giving misleading information when applying to be an approved person.

Simon Robert Gray has been sentenced at City of Westminster Magistrates Court to 18 weeks imprisonment suspended for 18 months for making misleading statements and using forged documents in repeated applications to become an FSA approved person.

The regulator has revealed that Deputy District Judge Malins said Gray’s business showed “sustained dishonesty”, and there was “no question that custody was appropriate” and that these were “absolutely disgraceful” offences.

This is the first time the FSA has prosecuted a potential adviser for providing false information in an application for approval or authorisation.

FSA director of permissions, decisions and reporting Graeme Ashley Fenn says: “Mr Gray’s actions were dishonest and a deliberate attempt to undermine the FSA’s approval process. Our action in this case should deter others from distorting the truth when applying for authorisation and help protect consumers from the risk of being given unsuitable advice.”

Gray has also been ordered to pay £750 towards the FSA’s costs and will be supervised by the probation service for 18 months.


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