FCA bans and fines adviser for faking qualifications

The financial watchdog said he fabricated - or caused the fabrication of - two documents that purported to be a statement of professional standing (SPS) from the Chartered Insurance Institute (CII) in order to mislead the regulator into believing he was fully qualified to provide investment advice. The FCA said Cummings does not hold and had never held the qualifications required to be a retail investment adviser and had never been issued with an SPS. Cummings was the sole approved person at DCC Financial and was approved to perform the CF1 controlled function at the firm. He also ...