FCA bans and fines financial adviser with £300,000
The Financial Conduct Authority (FCA) has concluded to ban and fine financial adviser, Peter Carron, with the amount of £300,000 after clients lost out investing in companies he controlled.
Between 2004 and 2010, Peter Carron, formerly a senior partner at St James’s Place Wealth Management Plc (St James’s Place), advised 11 clients to invest a total of £2.4m in three companies of which he was director and majority shareholder without adequately disclosing this fact to them. The clients later lost approximately £2.2m when the companies went into liquidation between May and August 2010. St James’s Place subsequently paid these 11 investors £1.9m in compensation.
As a result, the Financial Conduct Authority has concluded that Carron lacks honesty and integrity, fined him £300,000 and banned him from performing any function related to regulated activities in financial services.
Carron misled clients about the likely performance of their investments, by guaranteeing a return or providing inappropriate financial projections of future returns. Carron continued to reassure investors and advise them to invest, even when he knew his companies were in financial difficulties.
In August 2014, Carron was banned by the High Court for 13 years from acting as a director or managing or controlling a company.
Source: FCA- FCA bans and fines financial adviser with £300,000
