Oxfordshire businessman fined GBP35,000 for lying about FSA authorisation
11th December 2008An Oxfordshire businessman, Mr Mayson Shanti of Marcham, Abingdon has been fined GBP35,000 by Didcot Magistrate's Court for falsely claiming that his company, Chase Capital Finance Limited (Chase Capital), was authorised by the Financial Services Authority (FSA). This is the first time that the FSA has prosecuted an individual for falsely claiming to be authorised.
Mr Shanti and Chase Capital were found guilty of placing advertisements in the BT Telephone Directory and Yellow Pages, falsely stating that Chase Capital Finance was authorised by the FSA to carry out regulated financial services. Chase Capital, which is no longer trading, was also fined GBP1,000 for the offence by Didcot Magistrate's Court.
Commenting on the fine, Margaret Cole, director of enforcement at the FSA said:
"By lying that his company was authorised, Mr Shanti undermined the FSA's process for ensuring that people who work in the financial services market are fit and proper. We take false claims of authorisation seriously and where possible will prosecute to the full extent of the law anyone suspected of doing so."
Mr Shanti and Chase Capital were also ordered to pay GBP1500 each in respect of the FSA's costs.
There was no evidence that any consumers had lost out as a result of the advertisements.
