The Financial Conduct Authority has fined a former director of London-based financial advisory firm Burlington Associates £350,000 and banned him from any involvement in FCA authorised firms.

Craig Cameron has been given the penalty after the FCA found that he "lacked honesty and integrity" in relation to the promotion of three unregulated collective investment schemes (UCIS) to retail investors.
Tracey McDermott, director of enforcement and financial crime at the FCA, said:
"Cameron deliberately flouted regulatory requirements, which were designed to safeguard retail investors, in favour of selling high risk UCIS for potentially lucrative gains.
"The UCIS have failed and the investors, many of whom should never have been exposed to these high risk investments in the first place, have paid a heavy price for his actions".

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Cameron was a director of Burlington Associates between May 2003 and January 2009.
The FCA said in early 2005, Cameron helped to set up three high risk UCIS investing in new property developments in Croatia, Bulgaria and Montenegro.
During 2005 the UCIS were promoted to thousands of retail investors, without adequate checks being made to ensure the investors were eligible for these promotions.
Over 800 consumers invested around £30 million in the three UCIS, which subsequently failed, the FCA said.
The FCA statement said: "Cameron wanted to involve Burlington (an appointed representative of a network at the time) in promoting and selling investments in the UCIS.
"However, Burlington's network principal prohibited these activities. Cameron arranged for a separate advisory firm, Leslie & Nuding (trading as 'Burlington Funds' and now known as Leslie & Swallow) to take responsibility for checking investors' eligibility and sending out promotional materials.
"In reality, a firm under Cameron's control carried out the vast majority of these activities.
"Cameron made Burlington and staff under his direction instrumental in every stage of promoting and arranging investments in the UCIS.
"This was a deliberate breach of the agreement between Burlington and its principal firm.
"Cameron knew that his activities created a risk of the UCIS being sold to investors for whom the products were not suitable.
"He recklessly devised a structure that was likely to provide false assurance that Burlington's involvement was authorised. Due to his lack of honesty and integrity, Cameron has been now fully banned and fined."
The FCA has previously taken action against two other individuals – Jeffrey Bennett and John Leslie – for failing to oversee adequately the roles of their firms in the UCIS sales.