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View the article online at http://citywire.co.uk/wealth-manager/article/a731335

FCA fines adviser £20k and bans him for faking RDR qualification certificates

by James Phillipps on Jan 30, 2014 at 12:41

FCA fines adviser £20k and bans him for faking RDR qualification certificates

The Financial Conduct Authority (FCA) has fined a former Intrinsic adviser £19,900 and banned him adter he was found to have faked his retail distribution qualification (RDR) certificates.

The adviser, Ewan King, was found to not be a fit and proper person, lacking honesty and integrity, and has been banned from carrying out any regulated activity. King is the first adviser to be banned for fabricating Statements of Professional Standing since the RDR came into force last January. He worked at Intrinsic between May 2011 and June 2013, according to the FCA register.

King was an appointed representative and was found to have led the firm to believe that he held a Statement of Professional Standing issued by the Chartered Insurance Institute (CII). When challenged to produce it he produces to forged documents and when the FCA contacted the CII it found that he had failed his exams and not achieved the qualification. He was also expelled from the CII in October.

He was initially fined £25,734 but qualified for an early payment discount of 30%.

Tracey McDermott, director of enforcement and financial crime at the FCA, said: 'Pushing up professional standards was a key objective of the RDR. Thousands of advisers have met those standards. Mr King failed not only to achieve the qualifications required by RDR but then acted dishonestly and continued advising customers. 

'His conduct fell woefully short of the standard that we, and consumers, demand of those who work in the financial services industry.'  

No blame was apportioned to Intrinsic. 

3 comments so far. Why not have your say?

Neil Shillito

Jan 30, 2014 at 13:02

I confess that without my specs and having had little sleep last night, I read this as the adviser being banned for taking his exams which raised my concern about the Regulators role by several steep notches.

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Frazzled

Jan 30, 2014 at 14:05

Me too (without my glasses) but curiosity got the better of me and I did read the article,

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Duncan Philp

Jan 30, 2014 at 14:07

I have the SPS and it looks an easy document to fake, but what is the point when one telephone call will catch them out.

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