FCA plans to fine IFA £290k for catalogue of investment failings

Laura Miller
clock • 1 min read

The Financial Conduct Authority (FCA) is seeking to ban and fine an adviser £290,000 for a series of failings, including that he falsified the signatures of two clients to register them as 'sophisticated' investors.

The FCA said it uncovered a string of bad behaviour dating from 2005 to 2010 when they investigated Paul Reynolds, adviser at firm Aspire, which has not been authorised since July last year and was previously known as Positive Financial Strategies. Reynolds, who was formerly part of failed adviser network Alpha 2 Omega, is challenging the decision, and has referred the matter to the Upper Tribunal, where both he and the FCA will present their cases. The FCA alleges Reynolds recklessly recommended high risk investment products to eight retail clients, when he knew he could not justify ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
M&G launches full PruFund range on Wealth platform

M&G launches full PruFund range on Wealth platform

‘Greater flexibility and wider choice’

Valeria Martinez
clock 22 May 2023 • 1 min read
Trustpilot