Mortgage News
Adviser banned for TCF failings
An adviser has been banned by the FSA for exposing customers to the risk of receiving unsuitable advice and failing to take remedial action.
Martin Powsney, director of Manchester-based IFA firm Powsney & Co, was found to be not fit and proper to run an authorised firm, and has been banned from holding significant influence functions at an authorised firm.
Powsney’s systems and controls were not sufficient to ensure consumer received suitable advice, the FSA says, and he also failed to take remedial action following an FSA visit to assess TCF.
Tom Spender, FSA head of department, enforcement and financial crime, said: “Powsney lacked competence and capability. Even when FSA staff visited the firm in 2007 and 2008 and set remedial action, Powsney failed to implement the required changes.
“It is vital that those running firms have the necessary competence and capability to put systems and controls in place to ensure that suitable advice is given and customers are treated fairly. Individuals who do not have these qualities are a risk to consumers and face being banned.”
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