Thursday, March 28, 2024
HomeFinancial PlanningFCA upholds ban on convicted ex-Quilter rep

FCA upholds ban on convicted ex-Quilter rep



The FCA has rejected an try by convicted fraudster and former Quilter employee David Nicholas King to regain authorisation so he might work for a chartered surveying agency.

Mr King was jailed in November 2019 for six years and 4 months.

He was convicted after pleading responsible to 3 counts of theft, one rely of fraud by false illustration and one rely of buying felony property.

He stole roughly £608,000 from his late grandmother’s property which had been as a consequence of be break up amongst members of the family.

He used the cash to spend on costly automobiles, capturing days and holidays, together with a visit to the Ryder Cup within the US.

The FCA banned Mr King indefinitely in July 2021 saying he was, “not a match and correct individual” to hold out regulated exercise. The regulator stated his convictions demonstrated a “severe lack of honesty and integrity.”

On the time of his sentence he ran his personal agency known as DNK Wealth Administration.

He had beforehand carried out a buyer perform for Quilter Monetary Restricted between 2010 and 2012 and likewise labored as an appointed rep for Openwork Restricted at varied intervals between 2010 and 2016. He was additionally an appointed rep at different authorised companies together with Caerus Wealth.

Mr King was launched from jail on 19 January this yr and is serving the rest of his custodial sentence locally on licence.

In February 2022 he utilized for a variation of the prohibition order to permit him to hold on the regulated exercise of “helping within the administration and efficiency of a contract of Insurance coverage.”

He stated the variation was crucial “to progress an utility for employment with a selected rural chartered surveying agency.”

He stated there was a risk of his “pursuing a paid summer season internship with a nationwide property adviser” in addition to finishing the RICS qualification whereas working for a personal landlord who undertakes its personal in-house property administration actions.

The FCA rejected Mr King’s utility as a result of it stated it “shouldn’t be happy that the unfitness which gave rise to the Prohibition Order has been remedied.”

It added that it was not happy “that Mr King is now match and correct to carry out capabilities in relation to regulated actions.”

The regulator gave Mr King its choice discover on 13 March.

It stated Mr King had solely been launched from jail in January so “had inadequate alternative to exhibit that he has remedied the Authority’s considerations over his honesty and integrity. He has not been in conditions during which the identical or related alternatives for reoffending might happen, due to the restrictions and limitations in place. Accordingly, the Authority considers that the Utility is untimely.”

Mr King did not refer the discover to the tribunal inside 28 days so his utility was rejected.




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