A former Intrinsic investment advisor has been banned by the UK's Financial Conduct Authority for faking his Retail Distribution Revue certificates.

A former Intrinsic investment advisor has been banned by the UK's Financial Conduct Authority for faking his Retail Distribution Revue certificates, the first such person to be punished for such misconduct.

The FCA said in a statement yesterday that the advisor, Ewan King, has been fined £19,900 ($32,854) and banned from undertaking any regulated activity.

The regulator said that it had found that King was not a fit and proper person, lacked honesty and integrity, and posed a risk to consumers and confidence in the financial system.

King is the first person to be banned for fabricating Statements of Professional Standing since the introduction of the RDR last year.

He was an appointed representative and led his firm to believe that he held an SPS issued by the Chartered Insurance Institute. When challenged to produce his SPS, he sent two fabricated documents.

The FCA later checked the validity of King’s SPS, only to be told by the Chartered Insurance Institute that he had not been issued with one as he had only reached QCF level four. King later told Intrinsic that he had failed the relevant exams and his contract was subsequently terminated by the firm.

The FCA originally imposed a £25,734 fine, but as King had agreed to settle at an early stage of the case he qualified for a 30 per cent discount.

"Pushing up professional standards was a key objective of the RDR. Thousands of advisors have met those standards. Mr King failed not only to achieve the qualifications required by the RDR but then acted dishonestly and continued advising customers. His conduct fell woefully short of the standard that we, and consumers, demand of those who work in the financial services industry," said Tracey McDermott, director of enforcement and financial crime at the FCA.

The FCA has made no findings against Intrinsic.