FCA bans Paul Reynolds and fines him £290,344 

The Financial Conduct Authority (FCA) has published a Decision Notice against Paul Reynolds (formerly known as Paul Brian Reynolds).

The FCA has decided to fine Mr Reynolds £290,344 and ban him from performing any function in relation to any regulated activities on the basis that he is not fit and proper because he lacks integrity.

The decision is provisional in that it is being challenged in the Tribunal. The Decision Notice reflects the FCA’s view of what occurred and how the behaviour is to be characterised. It states that the FCA’s belief is that between 2005 and 2010 while he was an approved person at Aspire Personal Finance Limited (previously known as Positive Financial Strategies Limited), Mr Reynolds:

• recklessly recommended high risk investment products to eight retail clients, when he knew that he could not justify their suitability;
• was knowingly involved in the falsification of the signatures of two clients on sophisticated investor certificates to suggest that the investment could be legitimately promoted;
• deliberately made investments on behalf of two clients without their knowledge or authorisation;
• deliberately produced inflated valuations of clients’ investments in an attempt to mislead them and conceal the poor performance of the investments he had recommended;
• deliberately submitted loan facility and investment applications, on behalf of a number of his clients, which contained inflated incomes and other false and misleading information; and
• deliberately attempted to mislead the FCA by retrospectively creating various documents and misrepresenting that they were contemporaneous.

Tracey McDermott, director of enforcement and financial crime, said:

‘People go to advisers because they want expert help to make the most of their money. They should be able to trust advisers to act in the customer’s best interest and recommend products which will suit their needs.

‘It is critical that firms and individuals put their customers’ interests first.’

 

Source: FCA- FCA bans Paul Reynolds and fines him £290,344

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