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Director fined £290,000 by the FCA for "lack of integrity"

A director of a regulated firm has been personally fined £290,344 by the Financial Conduct Authority for compliance failings.

The FCA said it has decided to fine Paul Reynolds and ban him from performing any function related to regulated activities on the basis that "he is not fit and proper because he lacks integrity".

Reynolds is referring the matter to the Upper Tribunal, which will hear from both parties in December and may uphold, vary or cancel the FCA's decision.

The FCA says that while Reynolds was an approved person at Aspire Personal Finance between 2005 and 2010 he failed to comply in several instances.

These included recklessly recommended high risk products when he knew he could not justify their suitability, deliberately submitted loan facility and investment applications on behalf of some clients which contained inflated incomes and other false and misleading information, the FCA said.

Tracey McDermott, FCA director of enforcement and financial crime, said: “People go to advisers because they want expert help to make the most of their money. They should be able to trust advisers to act in the customer’s best interest and recommend products which will suit their needs.

"It is critical that firms and individuals put their customers’ interests first.”

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