The Financial Conduct Authority (FCA) has banned unauthorised advisers Mark Kelly and Patrick Gray from working in the financial services industry on the basis that they lack integrity after giving investment advice on £24m of assets without permission.
Kelly provided financial services to UK customers under the name PCD Wealth and Pensions Management and Gray was one of his advisers. PCD had arranged for more than 350 customers to be advised and invested nearly £24m of customers' funds in potentially unsuitable investments. The regulator cannot fine the pair because they were not approved persons at the time of the misconduct. An ongoing investigation is underway, however the regulator could not comment further. The FCA said between 2008 and 2010 Kelly had invested customers' pension funds in risky investments without their knowl...
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