Legal
UK Regulator Bans, Fines Advisor For Faking RDR Certificates

A former Intrinsic investment advisor has been banned by the UK's Financial Conduct Authority for faking his Retail Distribution Revue certificates.
A former Intrinsic investment advisor has been banned by the UK's
Financial Conduct
Authority for faking his Retail Distribution Revue
certificates, the first such person to be punished for such
misconduct.
The FCA said in a statement yesterday that the advisor, Ewan
King, has been fined £19,900 ($32,854) and banned from
undertaking any regulated activity.
The regulator said that it had found that King was not a fit and
proper person, lacked honesty and integrity, and posed a risk to
consumers and confidence in the financial system.
King is the first person to be banned for fabricating Statements
of Professional Standing since the introduction of the RDR last
year.
He was an appointed representative and led his firm to believe
that he held an SPS issued by the Chartered Insurance Institute.
When challenged to produce his SPS, he sent two fabricated
documents.
The FCA later checked the validity of King’s SPS, only to be told
by the Chartered Insurance Institute that he had not been issued
with one as he had only reached QCF level four. King later told
Intrinsic that he had failed the relevant exams and his contract
was subsequently terminated by the firm.
The FCA originally imposed a £25,734 fine, but as King had agreed
to settle at an early stage of the case he qualified for a 30 per
cent discount.
"Pushing up professional standards was a key objective of the
RDR. Thousands of advisors have met those standards. Mr King
failed not only to achieve the qualifications required by the RDR
but then acted dishonestly and continued advising customers. His
conduct fell woefully short of the standard that we, and
consumers, demand of those who work in the financial services
industry," said Tracey McDermott, director of enforcement and
financial crime at the FCA.
The FCA has made no findings against Intrinsic.