Former Intrinsic authorised representative Ewan King was fined £19,900 and banned from undertaking any regulated activity.
The FCA concluded that ‘Mr King is not a fit and proper person, lacking honesty and integrity, and poses a risk to consumers and to confidence in the financial system’.
King held a contract with Intrinsic Financial Services as an appointed representative, thus enabling him to perform activities regulated by the FCA. Early 2013, King led the firm to believe that he held a statement of professional standing from the Chartered Insurance Institute (CII). Upon being challenged to produce the documents, King sent two fake documents.
While checking the validity of the papers, the FCA was told by the CII that King had not applied for, or been issued with, a statement because he had not reached the right level of qualification.
Later, King admitted he had failed the relevant exams, and his contract with Intrinsic was terminated. The FCA has made no findings against King’s former principal firm.
Cooperating with the FCA allowed King to qualify for a 30% penalty discount, which otherwise would have amounted to £25,734.
