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FSA/PN/087/2005
1 August 2005

The Financial Services Authority today prohibited Jonathan Elms, former senior partner of Teare Rose, financial advisers, from holding any position as an Approved Person involving the exercise of significant influence within a regulated firm.

This means that Mr Elms will, in future, not be able to hold any management position within an authorised firm including running his own financial services business as a sole proprietor. However, he will be able to apply in future to the FSA to be authorised in an employed capacity as an investment adviser. This action has been taken following Mr Elms' failure to properly carry out pensions review procedures.

The FSA action relates to Mr Elms' conduct between March 1999 and July 2004 as a partner of Teare Rose ("the Firm").

In particular he:

• Failed to exercise due care and skill when completing returns to the FSA which contained inaccurate information and statements that the pensions review of the Firm had been completed when in fact it had not;
• Failed to disclose appropriately information about which the FSA would reasonably expect to be notified, and
• Failed to conduct the pensions review of the firm in accordance with prescribed regulatory requirements.

The FSA considers it appropriate to impose this partial prohibition because Mr Elms has displayed, by his action (or inaction), a serious lack of competence or capability in the conduct of the Firm's pension review for which he was solely responsible.

Notes for editors

1. The full text of the Final Notice issued by the FSA includes the background to the case, the relevant statutory provisions, regulatory requirements contravened and the factors taken into account by the RDC in reaching its decision.

2. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.

3. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness