The Financial Conduct Authority (FCA) has banned a sole trader for failing to disclose information it requested about a transaction made on behalf of a client.
It said Mark Warner, principal of Somerset-based IFA Advanced Financial Management, could not be considered a 'fit and proper person' because he did not deal with the regulator in a cooperative way and was a risk to consumers. The regulator first notified Warner that it would remove his permissions in March, after it had tried and failed to obtain information about the business's capital adequacy position. It later asked him to disclose the details and provide a full explanation of a transaction he made on behalf of one of his customers. It was following up on an unresolved Financi...
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