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 Citywire 20: Investec's du Toit on managing the 'jerk factor'

Citywire 20: Investec's du Toit on managing the 'jerk factor'

Investec boss Hendrik du Toit believes he has become far more decisive over the last 20 years, especially when it comes to managing 'jerk' factor.

Play Citywire 20: Hugh Young's bleak lesson

Citywire 20: Hugh Young's bleak lesson

In the latest video to mark Citywire's 20th birthday, Aberdeen Standard Investments Asia head reminisces about one of the toughest periods in his career.

Play IWD 2019 video: fund and wealth figures define diversity

IWD 2019 video: fund and wealth figures define diversity

To mark International Women's Day, we have spoken to a variety of top fund houses and wealth managers about their definition of diversity, and how they hope to achieve a more inclusive workplace.

Read More
Your Business: Cover Star Club

Profile: Richard Whitehead - 'In my 20s, I was very difficult to work with'

1 Comment Profile: Richard Whitehead - 'In my 20s, I was very difficult to work with'

Dart Capital boss Richard Whitehead is at a pivot point for the business, and looking back to assess where he is, as much as he is looking forward

Wealth Manager on Twitter