The FSA has banned a former IFA company director for sending a fake letter to a client saying the Financial Ombusdman (FOS) had awarded them thousands of pounds.
Richard Prudence, former director at Essex-based IFA Unizone, admitted writing to a client pretending to be from the FOS and stating the Ombudsman had awarded almost £160,000 in the client's favour.
In fact, no such determination had been made by FOS.
Prudence also admitted creating and issuing a fake investment valuation to clients which materially overstated their value.
The FSA found Prudence kept his actions from Unizone by using his senior position to dodge the systems and controls in place at the firm.
Prudence admitted his actions were dishonest, but argued the motives for his behaviour were not.
He told the FSA his impropriety followed a period of "enormous personal pressure", and were the result of his desire to help the clients.
The FSA found Prudence's actions were not for any financial or personal gain.
He confirmed he was no longer working in the financial services industry and would not be returning to it at any time in the future.
In its Final Notice, the FSA states it considers Prudence's approach to the matter reflects positively on him personally.
"However, given the seriousness of the dishonest conduct the FSA is satisfied that you are not fit and proper to be an approved person and that the sanction set out in this Notice is appropriate in all the circumstances."
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