The Upper Tribunal has decided to uphold an FSA decision to withdraw Mark Anthony Hurst Ainley's approval to perform controlled functions and cancel his firm's, Mark Anthony Financial Management, Part IV permissions. Mr Ainley has also received a fine of £150,000 and been prohibited from performing any regulated activities.
This decision upholds that made by the FSA in 2011. An FSA investigation had revealed that Mr Ainley had submitted false and misleading mortgage applications on behalf of himself and his clients. During the period of the FSA investigation, Mr Ainley had also made false or misleading statements to the FSA.
Although Mr Ainley accepted that the mortgage applications he submitted did contain some inaccurate information he denied that he had done this dishonestly. He had referred his case to the Upper Tribunal on the basis that the proposed ban on him performing any further regulated functions was unnecessarily severe and the proposed fine was disproportionate. The Upper Tribunal agreed that Mr Ainley should receive a substantial fine, but the actual amount will be determined at a separate hearing.