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'...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes