The Financial Conduct Authority (FCA) has formally banned TailorMade CEO Alistair Burns from regulated activity following his referral of the regulator's initial decision to the Upper Tribunal.
Burns can no longer carry out regulated activities and faces a £60,000 fine that he is required to pay by 5 October 2018. The financial watchdog first moved to ban Burns back in 2016, saying he "lacked the competence" to ensure suitable advice was given by the firm, and failed to manage fairly and clearly disclose material conflict of interest to TailorMade's customers. Burns pushed back against the regulator, however, and took his case to the Upper Tribunal. The FCA initially imposed a £233,600 fine on the former advice firm CEO, which was later reduced as a result of the Tribunal t...
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