FSA has banned a mortgage adviser and his firm. The adviser was director and sole shareholder of the firm. He voluntarily withdrew his status as approved person in 2007 after FSA raised doubts about his fitness and propriety. He then appointed two consecutive replacement directors to run the business, but one left and the second did not have the necessary skills. FSA found the adviser, John David Cook:  

  • kept day-to-day control of the business without FSA approval; and
  • knowingly submitted inaccurate mortgage applications.  

Because FSA banned Mr Cook, and because of his close association with the firm, Stone Financial Management Limited, it also banned the firm.