A financial adviser has had a £50,000 FSA fine increased to £75,000 after the regulator discovered he had repeatedly lied during its investigations.
Simon Kuun, who ran Bromsgrove-based IFA MFP Group, was fined £50,000 by the FSA in 2008 after discovering he was using unapproved and unqualified staff to visit customers. The case was then referred to the Financial Services and Markets Tribunal, who upheld the FSA's original findings, but increased the fine to £75,000 as Kuun also lied to the Tribunal when giving evidence. Kuun first came to the FSA's attention during a supervisory visit to MFP in 2005. He told the FSA his business had stopped using unqualified staff to carry out regulated functions. But the FSA says the opposite...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes