Jermaine Jefferies has reported on the scandal of a former Intrinsic Financial Adviser, Ewan King, after he was found out to be faking his RDR qualifications. The FCA must now tackle these fraudulent claims which will have an effect directly on our clients.
Recently, it has been discovered that some high profile advisers have been fined and even banned for fake RDR qualification certificates.
Evidence suggests that these advisers have been fabricating statements of professional standing in order to make them seem more qualified than they actually are.
Former IFA Ewan King, a representative of Intrinsic, was exposed for fabricating the statement of professional standing.
As a result of this, he was fined £19,900 with a 30% early settlement discount, as well as being banned from undertaking any regulated activity.
The Financial Conduct Authority also challenged Mr. King and he later admitted to Intrinsic that he could not provide the relevant documentation and was therefore subsequently terminated and expelled from membership of the CII. In an interview, Mr. King revealed that he had edited a template that he found on the Internet and used this to fabricate his qualification.
As this scandal begins to unfold the FCA will need to ensure that they tighten up on eradicating fraudulent qualifications to ensure that advisers are not abusing the system for their own personal gain; conduct that falls desperately short of the standards that would be expected from consumers and fellow financial services professionals.
How do Grovelands manage developments in the industry?
These claims will have a direct effect on our clients, so we need to ensure that these clients are completely aware of all changes in legislation going forward. Grovelands do this by offering a consultative service to all of our clients, which includes the provision of advice when things change within the market.
Moving forward I believe it is essential that we collaborate with the FCA to minimise the threat of fabricating qualifications. Staying on top of developments such as this qualification scandal allows us to provide a better service, and also ensures that all of our clients remain compliant.