The Financial Conduct Authority (FCA) has banned Richard Telfryn Jones from carrying out any activity in financial services, after he was found to have fabricated documents relating to his authorisation as a director of an appointed representative firm.
Mr Jones’ principal firm is not named in the regulator’s Final Notice, and is simply described as Firm D. In March 2016, Firm D applied to the FCA for Mr Jones to perform the CF1 (Director (AR)) controlled function.
In support of the application, Mr Jones provided a letter which appeared to be from Firm B, who acted as principal to his previous AR firm, ORB Commercial Solutions Limited. This letter stated that “all business that was transacted was done so correctly”, but also stated that “there were regulatory issues”.
As might be expected, the FCA queried what these “regulatory issues” were. In response, Mr Jones provided a new letter to Firm D, his new principal firm, which now stated “there were no regulatory issues”. Firm D then informed the FCA that Mr Jones had told them that Firm B had made a typographical error in the original letter.
However, at a later date, Mr Jones admitted that he had fabricated the content of both letters, and that they had not in fact been produced by Firm B. He also acknowledged that he was aware that Firm D was likely to send the letters to the FCA in support of his application.
Mr Jones was also found to have made false and misleading statements to the FCA, having initially told them that both letters had been provided by Firm B.
The FCA has therefore concluded that there are issues with Mr Jones’ honesty, integrity and reputation, and so has taken the ultimate step of banning him from the industry.
An outright ban must be seen as the inevitable consequence of this type of conduct.
The information shown in this article was correct at the time of publication. Articles are not routinely reviewed and as such are not updated. Please be aware the facts, circumstances or legal position may change after publication of the article.