Adviser banned for TCF failings

Martin Powsney, director of Manchester-based IFA firm Powsney & Co Ltd, was found to be not fit and proper to run an authorised firm, and has been banned from holding significant influence functions at an authorised firm. Powsney's systems and controls were not sufficient to ensure consumer received suitable advice, the FSA says, and he also failed to take remedial action following an FSA visit to assess TCF. His firm received an initial FSA visit in 2007, where the regulator asked Powsney to take action to rectify serious failings. Powsney employed a compliance consultant to assis...