Adviser fined and banned for lying to FSA

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...