A banned IFA, Gary Hexley, is set to stand trial in September 2013 for giving investment advice without being authorised by the regulator.
In October 2012, Hexley was charged with six offences relating to investment advice given whilst unauthorised, including five counts of dishonestly concealing a material fact.
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His business partner, John Cooper, was charged with three counts of dishonestly concealing a material fact during the same period.
The two men were charged for concealing their lack of authorisation and the suitability of products they recommended to former elderly and vulnerable clients.
In August 2011, the UK’s Financial Services Authority (FSA) – now Financial Conduct Authority (FCA) – fined GBP60,000 to Birmingham-based Exclusive Asset Management, where Hexley was an adviser, and banned Hexley for giving customers unsuitable investment advice.
Hexley’s ban was related to investments set up through Hexley’s £2 million property development company, Greenfield International, which collapsed in 2010, and investment advice he gave at Exclusive Asset Management, which went into voluntary liquidation in May 2011.
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By GlobalDataIn its latest annual report the FCA said that it focused more on banned individuals who attempt to carry on regulated activities ‘under the radar’.
