Tribunal refuses ex-adviser’s appeal over £150k fine and ban
FSA allowed to go ahead with decision to ban and fine dishonest adviser £150,000.
The Upper Tribunal has found against ex-adviser Mark Ainley of Mark Anthony Financial Management in his appeal against a decision by the Financial Services Authority to cancel his permissions and fine him £150,000.
Mr Ainley submitted false and misleading mortgage applications on his own behalf as well as that of his clients. Although he denied dishonesty or lack of integrity and claims to have himself been misled, Mr Ainley admitted the applications contained inaccuracies.
Morgage applications submitted by Mr Ainley contained inaccurate information about his income and that of his clients. He also made statements to the FSA which he knew were false or misleading during their investigation.
The regulator had already issued a warning against Mr Ainley in 2010, after he entered into seven sale and rent back arrangements despite not being authorised to do so.