The FCA has issued warning notices against two independent financial advisers and a retail advisory stockbroker for taking part in a scam that generated almost £6m.
The individuals, who remain anonymous, undertook the scam between January 2015 and November 2017. In total, they generated approximately £5.9 million in payments to the individuals and others involved in the scheme, according to the regulator. The three individuals have the right to make representations to the Regulatory Decisions Committee (RDC) after receiving the FCA's warning notice. The committee will then decide on the appropriate action and whether to issue a decision notice, which they also have a right to appeal. The regulator said each of the individuals "played an integral ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
