IFA directors banned by FCA for lying about wealth of Elysian Fuel investors

75 inaccurate declarations submitted

Sophie King
clock • 2 min read

The Financial Conduct Authority (FCA) has banned two financial advice firm directors from any regulated activity following their roles in the submission of misleading information about customers’ high net worth status.

Peter Howsen and John Butterfield, directors of Vanguard Wealth Management - which has no connection to the Vanguard Group - submitted inaccurate information to self-invested personal pension (SIPP) provider James Hay, which had no knowledge of their actions. The FCA said both directors of the now-liquidated firm knowingly and repeatedly made these false declarations, increasing the number of Vanguard customers who purchased Elysian Fuels shares through their James Hay SIPPs. This then generated substantial fees and commissions from which they both benefitted. As a result of their action...

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read
Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Targeted support: FCA shuns 'overly prescriptive' approach to vulnerability

Considered prescribing how firms should support ‘vulnerable consumers’

Isabel Baxter
clock 30 June 2025 • 2 min read
Targeted support: 38,000 current advice users expected to switch

Targeted support: 38,000 current advice users expected to switch

Firms could generate up to £499 in revenue per customer

Isabel Baxter
clock 30 June 2025 • 4 min read