Regulation  

Adviser cancelled for refusing to comply with Fos decision

A Gloucestershire-based financial adviser has been hit with a final notice from the Financial Conduct Authority after he failed to comply with a decision of the Financial Ombudsman Service.

In a final notice dated 15 July, the FCA said that it has cancelled the permissions of Martin Richard Moseling, trading as Blenheim Financial Services, after he failed to comply with a Fos award made against him on 5 September 2012, despite repeated request.

Mr Moseling did not seek a judicial review of the award, which Fos said means it remains binding on him.

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Following a warning notice dated 2 May 2013, the FCA said that it appears that Mr Moseling is failing to satisfy the threshold conditions and that the watchdog is not satisfied that Mr Moseling is a fit and proper person.

The Financial Services Register lists Mr Moseley as still being “active” and the firm is listed as still being authorised, but states it is unable to hold client money.

A Fos spokesperson told FTAdviser that it was “very unusual” for an adviser to not adhere to a decision made against them.

The spokesperson said: “There are very, very odd occasions where advisers do not adhere to our decision. When they do not, we will inform the regulator.”

Mr Moseling did refer the matter to the Upper Tribunal.