The Financial Services Authority (FSA) has placed a ban on Mr George Robert Piggott prohibiting him from carrying out any function in relation to any regulated activities in the financial services industry.
The ban follows a decision made by the Financial Services and Markets Tribunal on 2 January 2007. The Tribunal's unanimous decision was that Mr Piggott, who was trading as an independent financial adviser (IFA), was not a fit and proper person as required by the Financial Services and Markets Act 2000.
The Tribunal found that in his dealings with customers and in the courts, Mr Piggott knowingly relied on forged documents, recommended lying to an insurance company and threatened some clients with litigation and verbal abuse. He also threatened a former employee with physical violence.
Mr Piggott also repeatedly failed to implement accurately instructions from clients and they had difficulty contacting him. He gave false and incomplete information to prospective employers and to the FSA, including an inaccurate CV, a bogus reference, and inaccurate details on applications. Mr Piggott also left behind a trail of unpaid debts.
He persistently failed to cooperate and be open with the FSA.
Margaret Cole, Director of Enforcement at the FSA, said: "One of the FSA's statutory objectives is to secure the appropriate degree of protection for consumers and we take robust action when we discover financial advisers who are attempting to take advantage of their clients' interests. "Our investigations concluded that Mr Piggott posed a serious risk to consumers and through the information provided by some of his clients we have been able to ban him from undertaking further regulated activities."
Mr Piggott's name will appear on the list of prohibited individuals which is publicly available on the FSA's website.
