The UK regulator, the Financial Conduct Authority (FCA) has banned two former advice firm directors for submitting false information about clients.
Peter Howson and John Butterfield were directors of Vanguard Wealth Management. The pair submitted false information into a self-invested personal pension (SIPP), yet James Hay, the scheme's provider, was unaware.
According to the FCA, the information submitted was "false and misleading" and referred to HNW clients' status.
The FCA confirmed that James Hay had no knowledge of their actions. The regulator said that Howson dishonestly submitted 27 HNW declarations in 2014. Butterfield filed 48 fraudulent declarations during 2013-14.
Mark Steward, FCA executive director of enforcement and market oversight said: "Both advisers knew, or should have known, that what they were doing lacked integrity and betrayed the high standards expected by the FCA. They have no place in the financial services industry."
For the sake of clarity, Vanguard Wealth Management Limited has no connection to the Vanguard Group.