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Mr Reynolds could not justify the suitability of these products to his clients

During the period between 2005 and 2010, Paul Reynolds recommended a number of complex and high risk products to his clients whilst working as an approved person at Aspire Personal Finance Limited. Mr Reynolds recommended these products to clients who were on low incomes and had little or no investment experience. It is known that Mr Reynolds could not justify the suitability of these products to his clients.

It is reported that in many cases, Mr Reynolds’ clients were unaware that they had in fact put money into unregulated investments. It was also found that the suitability letters, which explained the risks involved, had not been sent to the clients.
The FCA found that Mr Reynolds had recklessly recommended high risk investment products to eight clients, that he was involved in creating signatures purporting to be the signatures of two clients on sophisticated investor certificates, that he made investments on behalf of two clients without their knowledge or authorisation and was involved in producing inflated valuations to conceal the poor performance of the investments that he had recommended.

As an expert debt advisory service, Trust Deed Scotland takes a keen interest in relevant industry news. A spokesperson from the company made the following statement upon hearing the story: “Financial advisors should be trusted to recommend products that will entirely suit their needs. The fine for Mr Reynolds shows that the FCA will take proactive action against individuals that fail to offer the best advice and products to their clients. It is also imperative that individuals ensure that the advice and products they are receiving are entirely suited to their needs and to err on the side of caution.”

Trust Deed Scotland® Ltd is a leading debt advisory service for Scottish residents. They are 100% owned and operated in Scotland, with a 98% trustpilot rating owing to their free, qualified debt advice. They are able to advise on the suitability of Trust Deeds and a number of alternatives, including The Debt Arrangement Scheme, Debt consolidation and Sequestration.

This press release was distributed by ResponseSource Press Release Wire on behalf of Trust Deed Scotland in the following categories: Personal Finance, Business & Finance, Public Sector, Third Sector & Legal, for more information visit http://pressreleasewire.responsesource.com/about.