The FSA today banned Yorkshire-based 'adviser' Kevin Allsop from trading after finding him in crimin...
The FSA today banned Yorkshire-based 'adviser' Kevin Allsop from trading after finding him in criminal breach of the Financial Services and Markets Act 2000 in relation to carrying on unauthorised trading in regulated services.
Despite not being authorised to do so, Allsop bought and sold second-hand endowment policies; he gave investment advise on such endowments; he arranged deals for clients to buy and sell such endowments; he misled the FSA on his activities by providing false information; and he held clients' money and opened clients' accounts without their knowledge in relation to the buying and selling activities in which he was involved.
"Not only is Allsop himself a risk to investors, but this sort of behaviour gives the industry as a whole a bad name," the FSA quotes its director of enforcement Andrew Procter.
Procter adds that Allsop's actions were a real danger to consumers, not least because he seems to have overcharged clients for products, meaning some stand to make a loss when their endowment policies mature.
"This should serve as a warning to others both inside and outside the regulated community," Procter says.
The FSA says it has found Allsop bought and sold some 50 second-hand endowments between 1994-2001.
Allsop Financial Services Ltd traded as an appointed representative of Allied Dunbar Assurance between 1988-1991, and of Countrywide Independent Advisers between 1991-1998, making Allsop exempt from authorisation for advising on investments and investment deals only.
However, since August 1998, neither Allsop nor any of his companies have been authorised for any sort of regulated business.
Despite this, he continued dealings in second-hand endowments and giving regulated investment advice.
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