You are here: Home - Investing - Experienced Investor - News -

Adviser banned after lying to FCA six times over fake qualifications

0
Written by: Samantha Partington
01/09/2016
A mortgage and investment adviser has been banned from trading for ‘lying repeatedly’ about her qualifications and using fake documents in an attempt to deceive the Financial Conduct Authority (FCA).
Adviser banned after lying to FCA six times over fake qualifications

Elizabeth Anne Parry acted to mislead the regulator six times between January 2013 and September 2015 by claiming to be qualified to provide investment advice.

Parry only came clean when she was forced to face the regulator in an interview in November last year, where she admitted to lying about her qualifications.

Parry was authorised in May 2006 as a sole trader to conduct investment and mortgage business and, from January 2015, for consumer credit activities.

However since 2013, retail investment advisers have been required to hold a Statement of Professional Standing (SPS) and achieve the relevant professional qualifications, as part of changes following the Retail Distribution Review.

Parry, claiming to hold an SPS, told the regulator she had engaged in numerous dealings with her professional body, the Chartered Insurance Institute (CII), to question them on why she had not been sent her proof of the qualification.

To satisfy the regulator, the disgraced adviser produced a fake SPS in October 2013 which she claimed had been issued by the CII, valid until January 2014. When asked again in May 2014 to prove she had the correct qualifications, Parry lied once more and submitted a second fake document.

Mark Steward, director of enforcement and market oversight at the FCA, said behaviour of this type would not be tolerated.

“We raised the minimum qualification standards in order to protect consumers from financial harm, and Miss Parry’s behaviour demonstrates a clear disregard of those standards and her duty to be honest with the FCA,” he said.

Parry received a discounted fine of just under £110,000 after proving financial hardship. The original fine stood at around £157,000.

Steward said the FCA considered that Parry’s behaviour amounted to a failure to act with integrity, and that she posed a risk to consumers and to the integrity of the financial system.

Parry ceased to be authorised in November 2015.

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.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

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.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week