The Financial Conduct Authority (FCA) has banned two Norwich-based advisers for using their advice firm to run a £17.5m fraud that conned more than 200 elderly and vulnerable clients.
Alan and Russell Taylor have now been banned by the regulator from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm. The brothers used their financial advice business, Taylor and Taylor Associates, to run their fraudulent activities over a six-year period. The pair told clients the fund was safe but it was, in reality, a high-risk contracts for difference arrangement. The Crown Prosecution Service desrcibed contracts for difference as effectively bets on stock price movements. While the pote...
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