The Financial Conduct Authority (FCA) has shown its teeth by taking steps to ban a Financial Adviser who provided consumer credit services to the public.
Elizabeth Anne Parry supplied fake documents and was caught trying to mislead authorities on six separate occasions. Parry had been originally authorised in 2006 to act as a sole trader, advising on investment policies and mortgages.
In 2013, new laws were introduced regulating retail investment advisers. They are required to have a statement of professional standing. Parry, produced false claiming documents claiming to have such.
In October 2013, she managed to formulate a false document that she presented to the FCA, stating it had been issued by the Chartered Insurance Institute.
After the FCA checked, they again requested proof that she had the correct relevant qualifications. Parry then proceeded to again, send fake documents.
The FCA contacted the CII and found no record of Elizabeth Parry nor any application for a SPS.
Upon a investigation and questioning in November 2015, Parry admitted her lies and misconduct.
Elizabeth Parry has now been banned from performing any financial related activity and fined a huge £109,400 for failing to be open and honest with the regulator.
The fine would have been much heavier but for ‘severe financial hardship’ of the defendant.