The FSA has fined an Oxfordshire businessman £35,000 for falsely claiming to be authorised, marking the first enforcement case of its kind in the regulator's history.
Chase Capital - which is no longer trading - was found guilty of placing advertisements in the BT telephone directory and Yellow Pages, falsely stating that it was authorised by the FSA to carry out regulated financial services. The firm was also fined £1,000 for the offence by Didcot Magistrate's Court.
"By lying that his company was authorised, Mr Shanti undermined the FSA's process for ensuring that people who work in the financial services market are fit and proper," says Margaret Cole, director of enforcement at the FSA.
She concludes: "We take false claims of authorisation seriously and where possible will prosecute to the full extent of the law anyone suspected of doing so."IFAonline
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