As the sole director and only FSA approved person at Mosley & Company, Mosley failed to treat his customers fairly and did not have the necessary competence and capability to provide financial advice to his clients.
The FSA has now cancelled the small IFA firm based in Keighley, West Yorkshire’s permission to carry out regulated activities.
The regulator found that Mosley:
- Made potentially misleading statements to customers about their rights
- Told some of his customers that his services were ‘execution-only,’ when they were advised sales
- Sought to exclude or restrict his duties to customers, encouraging them to sign a waiver declaring that they ‘could see no wrongful advice now or in the future’
- Failed to research adequately products for his customers
- Failed to assess his customers’ personal and financial circumstances and record adequately why his recommendations were suitable
- Recommended and arranged regulated mortgages for his customers, when he was not qualified to do so
- Failed to ensure an adequate complaints-handling process was in place
Bill Sillett, head of retail enforcement at the FSA, said: "In taking this action, we are protecting the public from an IFA who misled his customers and was neither competent, capable nor qualified.
Mosley has now been banned and fined. This should act as a message that the FSA will dedicate time and resource to punishing misconduct across all areas of the financial services industry, whether the firm is small or large."
