Adviser wins tribunal case against FCA

Judge Bartlett also pointed out that the adviser had “no credible motive”, as he was not in financial difficulty, and wanted to further his career in private banking.

In conclusion, he said Mr L acted and, may be expected to act with probity, adding: “The [FCA] should therefore reconsider the application in the light of these findings.

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“While we express no view on the aspects of the application, which have not been the subject of the hearing, we express the hope that he will be able promptly to resume his career in whatever way is appropriate, so that he can begin to regain the position in the industry that he would have attained but for the unjustified accusation.”

Mr L is an active member of the Personal Finance Society, the Society of Mortgage Professionals and the Chartered Insurance Institute. He is currently awaiting chartered financial planner status.

A spokesman for the FCA declined to comment on the tribunal’s ruling.

This article has been revised since its original publication.