The Financial Services Authority (FSA) has restricted the approved person status of a independent financial adviser following a review of his financial reporting to the regulator regarding pensions business.
has told Jonathon Elms a former senior partner at Teare Rose financial advisers that he cannot hold any position as an approved person involving the exercise of significant influence within a regulated firm. It says this means Elms will no longer be able to hold a management position within an authorised firm. He is also prohibited from operating as a sole trader. He will in future only be able to work as an employee of an firm as an investment adviser.The FSA says Elms’ conduct between March 1999 and July 2004 as a partner at Teare Rose saw him “fail to exercise due care and skill when completing returns to the FSA” and that the returns contained inaccurate information and statements that the pensions review of the firm had been completed when it had not. Elms has also been found guilty of failing to disclose appropriate information which the regulator believes it would have been reasonable of him to notify it about. And that Elms “failed to carry out a pensions review of the firm in accordance with prescribed regulatory requirements”. Meanwhile the regulator has also issued a £40,000 fine to Bear Streams International for failing to report contracts for differences transactions. The regulator says during a review of trading it discovered the firm had “inadvertently” failed to report any of its CFD transactions since August 2001 when it began to undertake CFD business.
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