FSA strips adviser’s permissions... over lack of permissions
Adviser conducted regulated activities after he had applied to have his own permissions removed in 2010.
The Financial Services Authority has stripped permissions from adviser Christopher John Riches and thereby prohibited him from conducting regulated activities as a punishment for conducting regulated activities without permission.
Although Mr Riches, trading as Fairway Mortgages, successfully applied in 2010 to have his permissions revoked, the regulator found he subsequently carried out 69 regulated mortgage transactions.
In a first supervisory notice dated 26 June 2012, the FSA says Mr Riches also submitted false and misleading information in his Retail Mediation Activities Returns for the periods ending 31 March 2010, 30 September 2010 and 31 March 2011, claiming he held professional indemnity insurance when he did not.
The wording of the letter states the regulator is “varying” Mr Riches permission “by removing all of his regulated activities with immediate effect”.
A spokesperson for the regulator said that while Mr Riches already did not hold permissions, following his voluntary decision to remove them he could have chosen to re-enter the market and have them reinstated.
The FSA action now means he will never be able to regain the permissions he gave up in 2010.
Earlier this month the FSA cancelled the remaining permissions of Wood Financial Management for failing to hold PII.