Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

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

3 Comments
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. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Play Europe bulls, a retail boost and why a little inequality can be a good thing

Europe bulls, a retail boost and why a little inequality can be a good thing

This week’s Investment Pulse looks at whether investors should be bullish on Europe, the surprise rise in UK retail sales and if a little inequality is a good thing.

Your Business: Cover Star Club

Profile: meet the duo at the heart of Hargreave Hale's succession plan

Profile: meet the duo at the heart of Hargreave Hale's succession plan

For the first time in the company's history a non-Hargreave is now at the head of the north west broker and asset manager

Wealth Manager on Twitter