FCA Bans Two Individuals for Lack of Integrity
The FCA announced on 9 June 2016 that they have banned Mark Kelly and Patrick Gray from working in the financial services industry on the basis that they lack integrity. The ban highlights the importance of due disclosures and transparency in firms’ dealings with their customers especially when advising them in relation to financial investments.
Mr Kelly provided financial services to UK customers under the name PCD Wealth and Pensions Management (PCD) and Mr Gray was one of his advisers. Between 2008 and 2010 PCD arranged for over 350 customers to be advised and invested nearly £24 million of customers’ funds in potentially unsuitable investments. PCD also failed to declare to customers the fees it was receiving from a number of these investments.
The FCA could not levy a fine on either individual because they were not approved persons at the time of the misconduct. The FCA have stated that further investigations were continuing.