A former financial adviser has been prohibited from performing any regulated activities by the Financial Services Authority (FSA) for unregulated collective investment scheme (UCIS) failings.
The FSA said Richard Francis Rhys, a former director at MNFA Limited, marketed and promoted a UCIS without conducting the proper due diligence expected of IFAs. This resulted in him concluding the scheme was not a UCIS, leading to a failure to comply with the statutory and regulatory standards applicable to their promotion. It added: "On 27 July 2012 the FSA prohibited Mr Rhys from performing any function in relation to any regulated activity carried on by any authorised person, exempt person, or exempt professional firm on the grounds that he is not a fit and proper person in that he...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
