Director fined for keeping IFA concerns quiet

The regulator says Christopher Davies, director of Newquay Investment Services, was responsible for exposing customers to an unacceptable risk of being recommended unsuitable mortgages. It says after Newquay had applied to the FSA for the adviser to be confirmed as an approved person in May 2008, Davies became aware the adviser had been suspended by his previous employer due to concerns about his business methods and ethics. This conduct included apparently inflating incomes in mortgage applications. Although Davies raised these concerns with the adviser and concluded he had lied abou...