Essex-based Christopher John Riches was banned and fined £63,000 for arranging mortgages after his regulatory permission had been removed. The FCA said he also failed to have any professional indemnity insurance and gave false information to the regulator about this.
The regulator first discovered in December 2009 that Riches did not have professional indemnity insurance cover, an FCA requirement for all authorised firms.
The following month Riches agreed with the FCA that he would stop performing regulated activities and had his regulatory permissions removed.
However, during the period between May 2010 and August 2011 Riches continued to arrange mortgages. The FCA said at least 97 mortgage transactions were conducted in that time and Riches earned approximately £40,000.
Bill Sillett, the FCA’s head of retail enforcement, said: “This case highlights the importance of being honest with the regulator. Because of Riches’ lack of honesty and integrity, and the inherent risk he poses to consumers and confidence in the financial system, we are banning him from performing any regulated activity.”
The FCA said that it would have issued Riches with a fine of £140,000 plus interest but this would have caused the former broker serious financial hardship.
