The Financial Conduct Authority has banned an adviser and fined him nearly £300,000 for "reckless" actions and lacking integrity.

The regulator published its Decision Notice against Paul Reynolds this morning, though he will put his case before the Upper Tribunal, which could overturn the ruling.
The offences he has been accused of include knowingly being involved in the falsification of the signatures of two clients.
These were for sophisticated investor certificates to suggest that the investment could be legitimately promoted.
Recklessly recommending high risk investments was another of the charges from the FCA.
He had worked for Aspire, described by the FCA as "a small independent financial advisory firm" which "advised mainly in the areas of mortgages, pensions and investments".
Mr Reynolds was approved by the FCA as an Appointed Representative and held Investment Adviser functions.
The breaches related to his work there between 2005 and 2010.
Today's Decision Notice stated the fine would be £290,344 and the FCA would ban him from "performing any function in relation to any regulated activities on the basis that he is not fit and proper because he lacks integrity".

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The Upper Tribunal will hear Mr Reynolds and the FCA each present their case, before it determines whether to uphold, vary or cancel the FCA's decision.
The FCA summarised Mr Reynolds' offences as the following:

· recklessly recommended high risk investment products to eight retail clients, when he knew that he could not justify their suitability;
· was knowingly involved in the falsification of the signatures of two clients on sophisticated investor certificates to suggest that the investment could be legitimately promoted;
· deliberately made investments on behalf of two clients without their knowledge or authorisation;
· deliberately produced inflated valuations of clients' investments in an attempt to mislead them and conceal the poor performance of the investments he had recommended;
· deliberately submitted loan facility and investment applications, on behalf of a number of his clients, which contained inflated incomes and other false and misleading information; and
· deliberately attempted to mislead the FCA by retrospectively creating various documents and misrepresenting that they were contemporaneous.

Tracey McDermott, director of enforcement and financial crime, said: "The FCA's opinion is that the impact of Mr Reynolds' actions on these eight clients was particularly serious: most of them were on low incomes and had little or no investment experience and the complex and high risk products he recommended were unlikely to be suitable for their needs.
"In some instances they were unaware that they had invested in unregulated investments or of the associated risks."
She said: "People go to advisers because they want expert help to make the most of their money. They should be able to trust advisers to act in the customer's best interest and recommend products which will suit their needs.
"It is critical that firms and individuals put their customers' interests first."
The tribunal will hear Mr Reynolds' case on 8 and 9 December.

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