FSA bans former solicitor from doing any regulated activity
FSA/PN/068/2006
14 July 2006
The Financial Services Authority (FSA) has now banned former solicitor Allen Elliott1 from carrying out any function in relation to regulated activities in the financial services industry.
The ban follows a decision made by the Financial Services and Markets Tribunal on 16 March 2006. Mr Elliott applied to the Tribunal for permission to appeal the decision but permission was refused. He then applied to the Court of Appeal but later withdrew that application.
The Tribunal's unanimous decision was that Mr Elliott was not a fit and proper person as described in the Financial Services and Markets Act. It concluded that Mr Elliott "poses a risk to the protection of consumers and a risk to the reputation of the market."
Margaret Cole, Director of Enforcement at the FSA, said:
"Members of the industry should consider carefully the Tribunal findings against Mr Elliott when considering introducing any client to his unregulated mortgage investment scheme as Mr Elliott poses a risk to consumers. Regulated firms who are considering doing business with him need to be aware of this. "
Mr Elliott's name will now appear on the list of banned individuals which is publicly available on the FSA's website. The FSA expects regulated firms to check this list as part of their compliance procedures before advising clients.
1 Allen Elliott was struck off the Roll of Solicitors for England and Wales by the Solicitors Disciplinary Tribunal in December 2001
Notes to editors
1. The Final Notice is available on the FSA website.
2. The Financial Services and Markets Tribunal decision was published on 30 March 2006 and is available on the Tribunal's website. A press release is available on the FSA website.
3. Other cases where the FSA has taken action against individuals who are not fit and proper to conduct regulated business include Jonathan Milroy Townrow in February 2006 and Theophilus Folagbade Sonaike in January 2006.
4. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
5. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.