The FSA has banned a mortgage broker from giving financial advice and stopped his Liverpool-based firm, Stone Financial Management (SFML), from conducting any further business.
John David Cook, director and sole shareholder of SFML, voluntarily withdrew his approved status in 2007 after the regulator raised concerns about his failure to reveal facts relevant to his fitness and propriety.
Despite this Cook was found to have retained day-to-day control of the business but without the relevant approval from the FSA.
The regulator also found that Cook had knowingly submitted mortgage applications with inaccurate and misleading information where his clients' incomes had been inflated.
Commenting on the ban, Jonathan Phelan, head of retail enforcement at the FSA, says the regulator will continue to take action against individuals who ignore our rules by seeking to retain day-to-day control of a firm without the relevant approval to do so.
He explains: "The FSA's view is that Mr Cook poses a risk to consumers and to confidence in the financial system. In order to remove this risk Mr Cook has been banned. And due to the close association with Mr Cook, his firm SFML has been forced to stop operating."IFAonline
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