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Ex-Towergate IFA banned by FSA after being jailed for fraud
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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