On 1 September 2016, the FCA published the final notice it has issued to Elizabeth Parry, a financial adviser, fining her £109,400 and prohibiting her from carrying on any function relating to any regulated activity.
The FCA found that Ms Parry failed to act with integrity and be open and honest with the regulator in breach of Principle 1 of the FCA’s Principles for Businesses (PRIN).
The fine would have been £157,395 (plus interest) if Ms Parry had not provided verifiable evidence of serious financial hardship.
Ms Parry was authorised in May 2006 as a sole trader to conduct investment and mortgage business and, from January 2015, to carry out consumer credit activities.
Following the retail distribution review (RDR), since 2013, retail investment advisers have been required to hold a STATEMENT OF PROFESSIONAL STANDING (SPS) and achieve the relevant professional qualifications – against this Ms Parry:
- made six misleading statements to the FCA between January 2013 and September 2015, with the intention of making the FCA believe that she had attained the appropriate qualifications to provide investment advice and
- that she had engaged in numerous dealings with her professional body, the Chartered Insurance Institute (CII), as to why it had not supplied her with an SPS.
In October 2013, Ms Parry submitted a fabricated document to the FCA, which purported to be an SPS issued by the CII that would remain valid until January 2014.
In May 2014, the FCA asked Ms Parry to verify that she had obtained the appropriate qualifications. Ms Parry then submitted a second fabricated SPS.
Following enquiries by the FCA, in July 2015, the CII informed the FCA that it had no record of Ms Parry applying for, or being issued with, an SPS.
It was not until a compelled interview in November 2015 that Ms Parry admitted her misconduct.
An accompanying press release states that Ms Parry ceased to be authorised in November 2015 and has ceased trading.
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