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Article: Banned IFA cleared to work by regulator.
- Article from:
- Financial Advisor
- Article date:
- August 26, 2004
CopyrightCOPYRIGHT 2004 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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REGULATORS have admitted that they cleared an IFA to continue working while under investigation.
An administrative error at the FSA allowed John Robert Townsend, a director of Kettering-based Townsend Rayner Associates Limited, to carry on working as an investment adviser despite being part of a comprehensive pensions review investigation.
Mr Townsend and his business partner Ernest Rayner were being probed for dumping the pensions review assets of their company, leaving nothing for clients. The pair, who took AGBP370,000, were found to have acted without integrity and were banned by regulators following a Financial Services and Markets tribunal.