The Financial Services Authority (FSA) has banned Martyn Powsney, the former director of Powsney & Co Ltd, an IFA firm based near Manchester, from holding positions of significant influence in any FSA authorised firm. Pownsey, who failed to put in place systems and controls to ensure that customers received suitable advice and failed to take sufficient remedial action, was found to be not fit and proper to run an authorised firm.
Following an initial visit in 2007, the FSA required Powsney to take action to rectify serious failings at Powsney & Co Ltd but, despite employing a compliance consultant to assist with the remedial work, he failed to take prompt, adequate action. A subsequent assessment by the FSA in 2008, as part of its assessment programme for small firms, identified similar concerns to the 2007 visit.
The FSA has concluded that Powsney failed to:
- establish appropriate systems and controls at the firm;
- demonstrate that the firm was providing suitable financial advice; and
- fully appreciate or adequately undertake remedial action required by the FSA.
Lee Werrell, MD of CEI Compliance, the UK leading consultancy in its class said; “Whenever there is remedial action to be implemented it pays to get the right help and to follow their direction.” He added “It is vital you use specialist compliance consultants who are qualified in compliance and not just advice, and, I would recommend, who are members of the Association Of Professional Compliance Consultants.”
The APCC can be contacted at www.apcc.org.uk
