Elizabeth Walker, an adviser who stumped up a burden of more than £3m on the FSCS, has been refused regulatory re-authorisation by the Financial Conduct Authority (FCA) after she gave risky advice to clients to invest in unregulated bonds.
Walker was the sole shareholder, director and adviser at Belfast-based C3 Financial Services when she gave advice to customers to switch their personal pensions into self-invested personal pensions (SIPPs) where the underlying investments were held in risky unregulated bonds. The bonds were all structured and distributed by the same entity - referred to as ‘Provider C' by the FCA - for the purpose of attracting funds for businesses to raise capital, often start-up companies, a large number of which related to green energy projects or overseas property developments. The majority of C3'...
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