You are here: Home - Investing -

IFA who got clients to sign suitability waiver banned

0
Written by:
31/07/2012
A sole trader independent financial adviser has been banned by the Financial Services Authority (FSA) and fined £10,500 for lacking competence and failing to treat his customers fairly.

Adrian Mark Mosley, of West Yorkshire-based Mosley & Company, is prohibited from holding a Significant Influence Function or acting as a sole trader, the regulator ruled.

It said he did not have the necessary competence and capability to do his job and made a number of serious failings, including:

1) Making potentially misleading statements to customers about their rights;

2) Telling some of his customers that his services were ‘execution-only,’ when they were advised sales;

3) Seeking to exclude or restrict his duties to customers, encouraging them to sign a waiver declaring that they ‘could see no wrongful advice now or in the future’;

4) Failing to research adequately products for his customers;

5) Failing to assess his customers’ personal and financial circumstances and record adequately why his recommendations were suitable;

6) Recommending and arranging regulated mortgages for his customers, when he was not qualified to do so;

Failing to ensure an adequate complaints handling process was in place.

Bill Sillett, head of retail enforcement at the FSA, said: “In taking this action, we are protecting the public from an IFA who misled his customers and was neither competent, capable nor qualified.

“Mosley has now been banned and fined. This should act as a message that the FSA will dedicate time and resource to punishing misconduct across all areas of the financial services industry, whether the firm is small or large.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2195478-bp-road-tanker
BP makes loss of $1.4bn as oil and gas prices fall

Oil major BP today revealed it had made a loss of more than $1bn in Q2, as a combination of...

Close