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Ex-Towergate IFA banned by FSA after being jailed for fraud
Markets
by Michelle Abrego on Nov 06, 2012 at 14:05
The Financial Services Authority (FSA) has banned a former-Towergate financial adviser following his jail sentence for defrauding a grandmother out of £150,000.
In its final notice, the FSA said that Ryan Burnside was not a ‘fit and proper person to perform any functions as his conduct demonstrates a lack of honesty and integrity’.
In December 2011, Burnside was convicted of one count of fraud for which he was sentenced on 11 January to two years and four months imprisonment.
Burnside, from West Lothian, advised a grandmother to invest her retirement funds overseas but spent it to fund a gambling addiction, the BCC reported in January.
He was dismissed from his position as senior financial adviser at Towergate in November 2008 having only joined in August of that year.
In August 2010, the FSA put out a statement warning investors not to deal with Burnside as he was not authorised to carry out regulated activity in the UK.
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by Dylan Lobo on Jun 19, 2013 at 09:33
1 comment so far. Why not have your say?
Rebus Fortissimus
Nov 06, 2012 at 15:37
Interesting. If the FSA/FCA wish to have any claim to have their finger on the pulse of the adviser market - RDR or no RDR - then surely they should be beating the legal system in their speed of evaluation of an adviser's probity? But no, he had to be sacked and then convicted before he could be banned. It's the job of a regulator to regulate justly, not to comment on history.
Many in the industry would welcome a request for support from the FSA. There are those in the industry who genuinely want to see clarity, integrity and good business all wrapped up together.
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