Regulators

FCA bans IFA directors after false SIPP statements

The Financial Conduct Authority (FCA) has banned Peter Howson and John Butterfield from performing any regulated activity, following their “false and misleading” declarations to a self-invested personal pension (SIPP) provider.

The former directors of the now-liquidated Vanguard Wealth Management Limited submitted false information to James Hay about its customers’ high net growth status, which the provider had no knowledge of.

Between February 2014 to November 2014, Howson ‘‘dishonestly submitted’’ 27  declarations in which he falsely claimed to have seen evidence of the customers’ net worth.

Between March 2014 to November 2014, Butterfield submitted 48 high net worth declarations in which he falsely claimed he had seen evidence of the customers’ net worth.

Mark Steward, the FCA’s executive director of Enforcement and Market Oversight said: ‘‘Both advisers knew, or should have known, that what they were doing lacked integrity and betrayed the high standards expected by the FCA. 

‘‘They have no place in the financial services industry.’’

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