The FCA has banned Mark Kelly, who provided financial services to UK customers under the name PCD Wealth and Pensions Management (PCD), and Patrick Gray, one of his advisers, holding that both showed a lack of integrity.
Between 2008 and 2010 PCD arranged for over 350 customers to be advised and invested nearly £24 million of customers’ funds in potentially unsuitable investments.
Mr Kelly invested customers’ pension funds in risky investments without customers’ knowledge or consent and without any regard to the suitability of the investments for the customers; concealed information about fees and charges from customers; received money from product providers directly out of customers’ investments, without their knowledge; and falsely certified copies of customers’ passports.
Mr Gray provided investment advice to at least five customers in the knowledge that he had no qualifications to do so; recklessly provided customers with misleading information; arranged for customers to sign incomplete investment forms; and gave customers pension reports containing false and misleading assurances. In addition, Mr Gray misled the FCA in a compelled interview.
The FCA is not able to fine either individual since neither was an approved person at the time of the misconduct. The investigation is continuing.
Copies of the FCA’s final notice for Mr Kelly; final notice for Mr Gray; and the related press release are available.
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