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October 26, 2012updated 04 Apr 2017 3:33pm

FSA prosecutes two disqualified advisers

The UK’s Financial Services Authority (FSA) has taken action against two prohibited investment advisers in two separate investigations.

By Lizabeth Davis

Gary Hexley, owner of property development company Greenfield International, has been charged with six offences which related to investment advice given while unauthorised.

The FSA said that Hexley, who was formerly an approved financial adviser, was prohibited from performing any function within the financial services industry due to restrictions of a prohibition order.

The order took affect from 13 June 2011. However, this was breached and the FSA subsequently charged Hexley and business partner John Cooper.

Charges filed

Hexley has been charged with:

* Carrying on a regulated activity without being an authorised or exempt person, contrary to sections 19 and 23 of the Financial Services and Markets Act 2000 (FSMA); and

* Five counts of dishonestly concealing a material fact, contrary to section 397 of FSMA.

Cooper was charged with three counts of dishonestly concealing a material fact, contrary to section 397 of FSMA.

Deemed incompetent in 2011

In June 2011, FSA issued a final notice to Hexley in which the financial regulator concluded that Hexley was "indicative of a severe lack of competence."

The FSA said at the time that it would have imposed a penalty of £20,000 on Hexley if it had not been for the fact that he had been declared bankrupt.

Both men have been bailed and are due to attend Birmingham Magistrates’ Court on 26 October 2012.

 

Source: Private Banker International

 

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