The UK's Financial Conduct Authority has levied a fine of £19,900 on Ewan King, an independent financial advisor who held a legitimate CF30 licence but who fabricated two 'statements of professional standing' which are essential for anyone who wishes to be a retail investment advisor. He pretended to have acquired these from the Chartered Insurance Institute, one of the so-called accredited bodies or ABs that dole out such qualifications. King's world collapsed in June when his firm - he held a contract with Intrinsic Financial Services as an appointed representative - told the FCA about his fabrications and the regulators withdrew his CF30 status. He had failed the examinations.

Section 66 Financial Services and Markets Act 2000, as amended, provides that the Authority may take action against a person if it appears to the FCA that he is guilty of misconduct. The FSA made use of this and of s56, which allows it to ban someone from financial services. King is the first IFA to be caught lying about his RDR qualifications.

Ruth Martin, the managing director of the Chartered Institute for Securities & Investment, one of the largest ABs, recently told a conference that all of her chartered members had to complete their 35 hours' worth of CPD irrespective of where they worked, i.e. irrespective of whether their field was retail advice or something else such as operations. For un-chartered members, she said that the CISI recommended the 35-hour minimum but did not yet insist on it.

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