FSA fined Mosley with GBP10,500 penalty and has also been prohibited from holding a significant influence function or acting as a sole trader.
FSA said that Mosley failed to properly research companies for investors, asked them to sign waivers on advice and did not assess adequately customers’ personal and financial circumstances.
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FSA also stated that Mosley recommended and arranged regulated mortgages for his customers, when he was not qualified to do so.
Bill Sillett, head of retail enforcement at the FSA, stated "In taking this action, we are protecting the public from an IFA who misled his customers and was neither competent, capable nor qualified."
"Mosley has now been banned and fined. This should act as a message that the FSA will dedicate time and resource to punishing misconduct across all areas of the financial services industry, whether the firm is small or large," he added.
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