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1 September 2016

The Financial Conduct Authority (FCA) has issued a £109,400 fine for a sole investment and mortgage adviser for misleading the regulator about her qualifications.

In a notice, the FCA announced the enforcement against Elizabeth Anne Parry, which also included a ban from performing any regulated financial activity.

The decision said Parry, who became authorised in 2006 as a sole trader for investment and mortgage business functions, made ‘six misleading statements to the FCA’ regarding her qualifications.

These statements were made with the purpose of making the FCA think that she had attained the proper qualifications to provide investment advice. From 2013, investment advisers are required to hold a statement of professional standing (SPS).

In October 2013, Parry submitted a fabricated document to the FCA, which purported to be an SPS issued by the Chartered Insurance Institute (CII) which would remain valid until January 2014.  In May 2014 the FCA asked Parry to verify that she had obtained the appropriate qualifications.  Parry then submitted a second fabricated SPS, the FCA said.

The FCA said it was only in November 2015 that Parry admitted she had misled the FCA, after the CII said it had ‘no record’ of Parry applying for a SPS.

Mark Steward, director of enforcement and market oversight at the FCA, said: ‘We raised the minimum qualification standards in order to protect consumers from financial harm, and Parry’s behaviour demonstrates a clear disregard of those standards and her duty to be honest with the FCA. We will not tolerate this sort of behaviour.’

The FCA said her behaviour ‘amounted to a failure to act with integrity, and that she poses a risk to consumers and to the integrity of the financial system’.

 

By David Petty

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