Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Wealth adviser faces £30k fine after faking his qualifications

4 Comments
Wealth adviser faces £30k fine after faking his qualifications

A Northern Ireland-based investment adviser has been fined almost £30,000 and banned from financial services after he was found to have offered phony documents as his personal credentials.

Darren Cummings of DCC Financial in County Down was found to have faked two documents which he claimed had been issued by the Chartered Insurance Institute, the Belfast Telegraph reported.

In a statement, the Financial Conduct Authority said he had ‘acted dishonestly’ and ‘knowingly made numerous false and misleading statements to the authority concerning his qualifications and experience’.

‘Mr Cummings does not hold (and has never held) the requisite qualifications to be a retail investment adviser and has never been issued with a  [statement of professional standing]  by the CII or any other accredited body.’

The regulator served him with a £29,300 fine after ruling his conduct had ‘pose[d] a risk to consumers and to the integrity of the financial system’.

It rejected his plea that his diagnosed alcoholism and mental distress should be considered mitigating factors.

‘The authority does not dispute that Mr Cummings experienced mental health and alcohol dependence issues during the relevant period’ it said. ‘However, the authority considers its conclusion that Mr Cummings acted dishonestly is appropriate notwithstanding his mental health issues.

‘The breach was a sustained course of action, committed in a conscious effort to deceive the authority in order to obtain approval of the variation application and hence to expand Mr Cummings' business and to increase his income.’

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Play CEO tapes: the gap between best and worst alternatives is stark

CEO tapes: the gap between best and worst alternatives is stark

In the final part of our series we take a look at the rise of illiquid investing and whether it really serves in clients best interests.

Read More
Your Business: Cover Star Club

Profile: why the world of wealth is fracturing

Profile: why the world of wealth is fracturing

The problem with wealth management, according to Robert Paul, London & Capital’s youngest ever partner, is that it is very antiquated.

Wealth Manager on Twitter