False Professional Certificate Adviser Ban

False Professional Certificate Adviser Ban.

A former financial adviser has been banned by the financial regulator, the Financial Conduct Authority (FCA) for falsifying his professional position.

Under new rules that started in January 2013, all financial advisers must

1. Quote fees for offering financial advice
2. Commission can only be taken on life insurance or when a “non-advised” service is offered
3. Qualifications must be achieved from an approved professional body such as the Chartered Insurance Institute and Institute for Financial Services (part of the Chartered Institute of Bankers) to a skill level 4 (broadly equivalent to a degree)
4. A Statement of Professional Standing (SPS) must be secured from the advisers professional body and this then submitted on demand to the Financial Regulator.
5. Keep regular records of ongoing self-study under a Continuous Professional Development (CPD) programme to ensure that financial services and tax knowledge is kept up to date as laws and markets change

One financial adviser has been banned this week by the regulator and fined £20,000.  The adviser in question has been deemed “not fit and proper person” and banned.  It was found that former adviser when asked to produce his SPS State of Professional Standing, then proceeded to falsify his certificate and qualifications as he had in fact failed his examinations.

Comment 

All financial advisers on the website financialadvice.net were already Level 6 Chartered Financial Planners as we are totally committed to offering our clients the highest level of professional financial advice we can.

We all have our Statement of Professional Standing (SPS) and these have again been renewed for this year as we have continued with a professional development and knowledge.

Always ask your financial adviser for a copy of their SPS and a list of their qualifications.