How an adviser operated unqualified for almost three years

Adviser faked SPS documents twice

Tom Ellis
clock • 4 min read

Sole trader Elizabeth Parry had no qualifications or Statement of Professional Standing (SPS). Yet despite early regulatory intervention, she was able to practise unqualified for three years. Here is how it happened...

Parry was banned and fined £109,400 by the regulator on 1 September after she was found to have forged documents and lied about her qualifications repeatedly. She had given retail investment advice unqualified for three years, serving 57 clients. Parry's journey started when she gained investment and mortgage advice authorisations in January 2006, before obtaining additional consumer credit authorisation nine years later, in January 2015. Following the conclusion of the Retail Distribution Review (RDR) at the end of 2012, minimum qualifications became mandatory, alongside an SPS is...

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