A Banned IFA

Last week FSA placed a ban on an independent financial adviser (IFA) Mr Piggott, prohibiting him from carrying out any regulated activities in the financial services industry. This was a very interesting case because a series of misconduct and many victimized consumers were involved.

The ban follows a decision made by the Financial Services and Markets Tribunal on 2 Jan 2007. The Tribunal's unanimous decision was that Mr Piggott was not a fit and proper person. Mr Piggott's name will appear on the list of prohibited individuals which is publicly available on the FSA's website.

As a summary of a number of events, the Tribunal concluded that:

1. In his dealings with customers and in the courts Mr Piggott knowingly relied on forged documents. He also recommended lying to an insurance company.
2. He repeatedly failed to implement accurately the instructions he received from clients. Customers and others had encountered the difficulty in contacting him in order to progress their business or deal with queries.
3. He sought to intimidate others with threats of litigation, with verbal abuse, and even with threats of physical violence.
4. He gave false and incomplete information to prospective employers and to FSA, including an inaccurate CV, a bogus reference, and inaccurate details on applications.
5. He persistently failed to co-operate and be open with FSA.
6. He left behind a trail of unpaid debts. Many who dealt with him suffered loss and have not been compensated.

We may probably treat this guy as a devil IFA!