Adviser banned and fined £109k for lying about qualifications

Adviser faked SPSs

Tom Ellis
clock • 2 min read

The Financial Conduct Authority (FCA) has banned and fined an adviser £109,400 for lying about her qualifications and faking Statements of Professional Standing (SPS).

Elizabeth Parry was authorised as a sole trader to conduct investment and mortgage business in May 2006 and for consumer credit activities from January 2015.  The adviser was found to have fabricated two SPSs and repeatedly lied to the regulator about her qualifications from January 2013. Since 2013, as part of changes following the Retail Distribution Review (RDR), retail investment advisers are required to hold a valid SPS from a professional body and achieve the relevant professional qualifications to be allowed to practise. Parry made six misleading statements to the FCA betwee...

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

FCA flags weak customer outcome focus in firms' monitoring frameworks

FCA flags weak customer outcome focus in firms' monitoring frameworks

Consumer Duty review found inconsistent governance and oversight

Sophia Panayi
clock 27 July 2026 • 2 min read
Open finance could pose 'existential threat' to advice market

Open finance could pose 'existential threat' to advice market

Consumer Duty Alliance tech forum attendees hear

Sophia Panayi
clock 23 July 2026 • 3 min read
New regulations and challenges in the EU and UK: What are advisers' next moves?

New regulations and challenges in the EU and UK: What are advisers' next moves?

Regulatory simplification vs expanding oversight

Bernadine Reese
clock 16 July 2026 • 4 min read