The UK’s Financial Conduct Authority (FCA) has banned Cheshire-based IFA firm SK8 Financial Services from conducting regulated business after its director failed to invest money on customer’s behalf.
According to a supervisory notice from the FCA, Geoffrey Fincher – the sole director of SK8, has accepted two cheques from a client, which includes a cheque for £35,000 in January 2002 to invest in multiple products.
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Later, he has given the client a handwritten note regarding the details of the investments made on the behalf of the client.
However, the firms listed in these notes have confirmed with the regulator that do not have any record of such investments.
FCA has removed SK8’s permission to advise on and arrange deals in investments.
On 28 November, Fincher has withdrawn his own regulatory permissions, leaving the firm adrift with no approved persons.
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By GlobalDataThe FCA said: "SK8 has failed to satisfy the authority that it is conducting its affairs in an appropriate manner, having regard in particular to the interests of consumers, and so is failing to satisfy the suitability threshold condition."This is because Fincher lacks honesty and integrity."
