The UK’s Financial Conduct Authority (FCA) has banned and fined a director of an IFA firm £10,000 over his failure to provide suitable unregulated collective investment scheme (Ucis) advice to customers.
The regulator said Clive Rosier, director of Birmingham-based Bayliss & Co, failed to collect and record the necessary information about his clients before recommending high risk products such as Ucis, which meant they may not have been suitable products for his clients.
The regulator added that Rosier also failed to communicate properly with the FCA following a request to conduct a review of some products sold by Bayliss.
The FCA said he lacked skill, care and diligence and did not communicate properly with his clients.
Bill Sillet, head of FCA retail enforcement action, said: ‘When people go for financial advice the minimum they should be able to expect from the adviser is that they are competent. Unable to demonstrate that the advice he gave was suitable for this clients, Rosier failed to live up to this standard.
"We will always act as strongly as we are able where we find that consumers are put at risk as a result of substandard financial advice."
The FCA is seeking to ban Rosier from holding a senior position at a financial firm, though the adviser is appealing the decision. The Upper Tribunal will now make a final decision on the case.