Yesterday the FCA fined and prohibited a sole trader for failure to act with integrity and repeatedly misleading the regulator.

During a near 3 year period, Miss Elizabeth Anne Parry made six misleading statements and submitted two fabricated documents to the FCA about her qualifications.

As part of the rules implemented following the RDR all retail investment advisers have had to obtain the relevant professional qualifications and hold a Statement of Professional Standing (known as a 'SPS') since 2013.

The FCA considers Miss Parry fabricated two SPSs to hide the fact she was not qualified to provide investment advice to retail customers. Miss Parry only admitted her misconduct towards the end of the FCA's investigation in 2015 and is now banned from performing any regulated activity.

Mark Steward's comments on the announcement leave us in no doubt that the regulator will not hesitate in penalising such dishonest behaviour in order to ensure consumer protection and maintain market integrity: "Miss Parry's behaviour demonstrates clear disregard of those standards and her duty to be honest with the FCA. We will not tolerate this sort of behaviour'.

In short – don't blag it to the regulator.