View more on these topics

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.

Recommended

RDR outcome can be a springboard

What now for the RDR? What relevance does it have in the post- banking-crisis, credit-strapped economy we now inhabit? Do the original RDR objectives remain valid to an increasingly sceptical public who could be forgiven for cursing all financial services, not just the banks, with a plague on all your houses attitude? After all, consumers do not generally differentiate between banks, insurers and investment companies.

True Potential wins Tenet deal

Technology provider True Potential has sealed a deal with Tenet Support Services and given reassurances regarding the firm’s financial position.

Cost of living

November 5 marked the anniversary of what was almost a very explosive night 400 years ago. Over in the US – just pipping us to the post by a day – November 4 proved explosive this year for somewhat different reasons.

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment