The FSA has banned two advisers for not being "fit and proper".
Mukhtar Khan, trading as United Finance and Insurance Services (UFIS) was banned on what the regulator said were "competence and capability grounds".
In June 2010 the FSA carried out a treating customers fairly (TCF) assessment at UFIS.
During the assessment it became clear that Khan" lacked knowledge of the TCF principles and that no action had been taken to ensure all areas of the business were delivering fair outcomes for customers", the FSA said.
Meanwhile, the regulator has fined Devon-based Mark Joseph Laurenti, director of Independent Mortgage Advisory Service Limited (IMAS), £14,000 for negligently submitting repeated mortgage applications containing inaccurate customer information.
Laurenti failing to gather adequate information about his customers in order to make informed decisions about their mortgage needs, and recommended mortgages to customers without first assessing their affordability.
In Khan's case, he advised on mortgages when he was not qualified to do so, and failed to gather sufficient information about his customers' personal and financial situations.
It also came to light that Khan had two appointed representatives (ARs), of which one had no idea that he been registered as an AR at the time.
The FSA said: "It was clear that Khan did not understand the regulatory requirements relating to registering ARs and he did not take any action to understand these rules."
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