FCA bans adviser for UCIS recommendations to low income clients

Scott Sinclair
clock

The Financial Conduct Authority (FCA) has banned and fined a financial adviser for making unsuitable recommendations of high-risk and often unregulated investments.

Paul Reynolds has been fined £290,344 and banned from performing any function in relation to regulated activities on the basis he lacks integrity and as such is not "fit and proper". The regulator found that, between 2005 and 2010, while he was an approved person at Aspire Personal Finance, Reynolds recommended a number of complex and high risk products to his clients. Many were on low incomes and had little or no investment experience. The FCA said Reynolds was aware he could not justify the suitability of these products for his clients. Read: FOS rules poor advice in raft of...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA proposes to cut down on data reporting for firms

FCA proposes to cut down on data reporting for firms

Part of regulator’s programme to ‘reduce burden’

Isabel Baxter
clock 16 April 2025 • 2 min read
FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read