Banking Crisis

FCA Seeks Ban For Former UK Advisor

Mark Shapland, Reporter, London, 24 October 2014


The Financial Conduct Authority has decided to ban former financial advisor Paul Reynolds and fine him £290,344 ($466,000) after he recklessly recommended high risk investment products to eight clients. Reynolds is appealing the decision.

The Financial Conduct Authority (FCA) is seeking to uphold its ban on former financial advisor Paul Reynolds and a fine of £290,344 ($466,000) after the regulator alleged he recklessly recommended high risk investment products to eight clients.

The regulator alleges that between 2005 and 2010 - while Reynolds was working at Aspire Personal Finance Limited – he knowingly forged two clients signatures on investor certificates to suggest that the investment could be legitimately promoted and made investments on behalf of the clients without their knowledge or authorisation.

The decision is being challenged in the Upper Tribunal by Reynolds. The FCA says Reynolds "is not fit and proper" and "lacks integrity".

"People go to advisors because they want expert help to make the most of their money. They should be able to trust advisors to act in the customer’s best interest and recommend products which will suit their needs," said Tracey McDermott, director of enforcement and financial crime.

"It is critical that firms and individuals put their customers’ interests first," he added.

A statement from the FCA said the tribunal may uphold, vary or cancel the original ban, which seeks to stop him from performing any regulated activity. His case will be heard on 8 and 9 December this year. 

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