You are here: Home - News -

FSA bans adviser for faking employer references

by:
  • 12/09/2012
  • 0
FSA bans adviser for faking employer references
The Financial Services Authority (FSA) has banned a financial adviser after he gave false references from a previous employer, from which he had been dismissed for dishonesty.

Ian Orbart was hit with a final notice today prohibiting him from performing any function in relation to any regulated activity carried on by any authorised person, exempt person or exempt professional firm.

The FSA said he was “not a fit and proper person” because his conduct had demonstrated a lack of honesty and integrity.

It explained how he had been dismissed from a previous employer for dishonesty, but failed to disclose this to another firm when applying for a job, and also to the FSA when he was seeking approval to performed controlled functions.

Furthermore, he obtained a false reference, purporting to be from his former employer, in which there was no information about how his employment was terminated.

It added: “The FSA considers that Ian Orbart is not a fit and proper person as he has acted without honesty and integrity and, having regard to its regulatory objectives (including the protection of consumers and maintaining market confidence), it is necessary for the FSA to exercise its power to make a Prohibition Order against Ian Orbart.”

According to the FSA register, Orbart had controlled functions at Medics Financial Services between September 2007 and January 2012.

The FSA originally handed Orbart a decision Notice on 8 August, and the final notice was issued as he did not refer the matter to the Upper Tribunal (Tax and Chancery Division).

Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Solid year for PruProtect – results

PruProtect has announced new business premiums up 39% compared to the same period in 2011, in the provider’s annual results...

Close