Darren Cummings, of Northern Ireland-based DCC Financial, produced two fake Statements of Professional Standing, claiming they were issued by the CII.

A final notice issued by the FCA revealed the bogus SPS 1 and SPS 2 documents gave the misleading impression that Mr Cummings had the right qualifications to provide investment advice to retail customers.

The report read: “Mr Cummings does not hold (and has never held) the requisite qualifications to be a retail investment adviser and has never been issued with an SPS by the CII or any other accredited body.”

The FCA said Mr Cummings had “acted dishonestly” and “knowingly made numerous false and misleading statements to the Authority concerning his qualifications and experience.”

The report added: “The Authority considers that Mr Cummings lacks honesty and integrity and, therefore, is not a fit and proper person.” 


He was issued with a fine of £29,300 which is to be paid in 17 instalments of £1,650 over an 18-month period.

The full amount must be paid by the end of November next year.

As well as the fine, Mr Cummings is also banned from performing any sort of regulated activity.