FCA plans to fine IFA £290k for catalogue of investment failings

The Financial Conduct Authority (FCA) is seeking to ban and fine an adviser £290,000 for a series of failings, including that he falsified the signatures of two clients to register them as 'sophisticated' investors.

The FCA said it uncovered a string of bad behaviour dating from 2005 to 2010 when they investigated Paul Reynolds, adviser at firm Aspire, which has not been authorised since July last year and was previously known as Positive Financial Strategies. Reynolds, who was formerly part of failed adviser network Alpha 2 Omega, is challenging the decision, and has referred the matter to the Upper Tribunal, where both he and the FCA will present their cases. The FCA alleges Reynolds recklessly recommended high risk investment products to eight retail clients, when he knew he could not justify ...