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IFA takes case to Europe over FSA memos

An IFA has accused regulators and the ombudsman of leaking secret internal documents in a conspiracy to have him struck off.

David Williams has lodged a petition to the European Parliament claiming that the FSA and FOS swapped memos about the status of his business Tudor House Financial Services.

Williams, who was the principal of the firm, claims that Tudor House has lost £250,000. It was established in June 1983, In 1998, a monitoring visit found several compliance breaches.

Four years of correspondence between regulators and the firm began. It resulted in an tribunal where Tudor House was fined £25,000. The company appealed at a financial services and markets tribunal. It was then that Will- iams says he discovered that internal memos from the FSA had been passed to the FOS.

Williams claims that comments in the memos highlight how the FSA wanted “to force the firm&#39s hand”. During the tribunal, the FSA could not explain how the FOS ended up with these documents. Now Williams wants the European Parliament to look at the case.

He says: “I know we are not the sexiest case in the world but what has happened here is unjust. Someone, somewhere must be able to say that what is happening here is wrong.”

The FOS says it has received a copy of the petition and would not comment until it had been reviewed by the European Parliament. The FSA did not respond in time.

David Aaron&#39s firm has become the first IFA business to be banned for misselling. Bruce Love looks at how it went wrong for one of the most successful advisers in the UK


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