The FCA has imposed a ban on holding senior office in financial services, and a fine of £165,900, on financial adviser Robert Shaw, former director of TailorMade Independent Ltd.

The main reason for the action was Mr Shaw’s failure to consider the suitability of the underlying investments when recommending SIPPs. 112 clients invested a total of £112,420,985 in areas such as: green oil, biofuels, farmland and overseas property.

He also failed to disclose to clients that he had a conflict of interest, as he was also a director of TailorMade Alternative Investments, which introduced clients to TailorMade Independent. This disclosure did not take place even though Mr Shaw had been warned about this issue by his compliance consultant.