Financial adviser loses his registration

The Financial Services Authority has in effect forced a senior financial adviser to be demoted as part of its long-running pensions review.

The City regulator said that Michael Harding, former senior partner of The Michael Harding Partnership, would only be able to work under the direct supervision of his employer. The probation order - the second issued by the FSA in connection to the pensions review in as many months - means Mr Harding can no longer be registered as an approved adviser.

The FSA said Mr Harding's conduct had "demonstrated a lack of honesty and integrity coupled with a disregard for compliance and regulatory standards".

Mr Harding had not mailed investors as required under the terms of the FSA's review into pensions mis-selling. He admitted that the returns submitted to the regulator had been completed with false statistics.

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During the investigation, Mr Harding agreed that he had completed all pension review quarterly returns, after the first one he submitted, with false information. He blamed pressure of work and his poor administration.

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