IFA who got clients to sign suitability waiver banned

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 th...