FCA bans equity release adviser over £1m covert money transfers

Kevin Allen was the sole shareholder of NMB, a mortgage intermediary, while holding controlled functions at another firm offering equity release mortgage products, New Life. Between 2009 and 2013, Allen made illegitimate transfers totalling £1m from New Life to NMB without the knowledge of the other New Life directors, the FCA found. Allen also fabricated an exchange of emails between himself and another director claiming to authorise one of the transactions and falsified a bank statement in order to mislead New Life's auditors. New Life was bought by Legal & General earlier this y...