January 12, 2016
The FCA has stopped an adviser taking a controlling stake in Ubiety Wealth Management because of a dismissal following money laundering failures that were not fully disclosed.
In November 2014 Ubiety – which has permissions to advise on investments, insurance and debt – notified the regulator Lynda Croome was to acquire 33 per cent of the firm.
Croome did not state that she was suspended and dismissed by one firm, while she failed to give enough detail on a dismissal from another firm.
In the latter case, it was alleged Croome signed money laundering certificates confirming the true likeness of individuals without ever having met them.
It adds: “The issues of non-disclosure raise serious concerns in relation to the integrity of Mr Croome.”