Adviser banned for TCF failings

clock •

An adviser has been banned by the FSA for exposing customers to the risk of receiving unsuitable advice and failing to take remedial action.

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...

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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

What do younger clients really want from their adviser?

What do younger clients really want from their adviser?

'They're going to need all the help they can get'

Justin Cash
clock 21 October 2026 • 5 min read
CII and PFS celebrate more than 300 chartered graduates

CII and PFS celebrate more than 300 chartered graduates

347 graduate from CII and PFS

Sophia Panayi
clock 21 October 2026 • 2 min read
True Potential Wealth Management CEO calls for 'clear set of decisions' in upcoming Budget

True Potential Wealth Management CEO calls for 'clear set of decisions' in upcoming Budget

Short-term policy decisions ‘disturb’ advice landscape

Sophia Panayi
clock 20 October 2026 • 2 min read