FCA bans adviser for faking qualifications
A financial adviser who forged qualification documents has been banned from financial services and fined £29,300 by the Financial Conduct Authority (FCA).
The British financial watchdog found Darren Colvin Cummings of Newtownards, Northern Ireland, guilty of faking his statement of professional standing (SPS) documents from the Chartered Insurance Institute (CII). Cummings was approved as a director at DCC Financial where, as a sole adviser since February 2014, he was licensed to carry out insurance and home finance business in the UK.
In a final notice, the FCA said that “Cummings is not a fit and proper person as he lacks honesty and integrity, and poses a serious risk to consumers and to confidence in the financial system.”
In mitigation, Cummings said he had been drinking and his “judgement was destroyed” following a mental breakdown.
However, the FCA said Cummings had not given a good enough explanation as to how his mental health affected the honesty of his actions.