FSA bans ex IFA chief for £160k fake FOS award

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 f...