I doubt it was the case that all the individuals banned or given a fine were merely disciplined because they’d made genuine, accidental mistakes. So it follows that an element of dishonesty or unlawfulness was likely to have been a factor in the enforcement action.
I’m afraid we need to take FSA chief executive Hector Sants’ recent criticism of advisers on the chin. Conversely, the FSA needs to acknowledge that the approval process for individuals was not without its shortcomings.
If both parties would simply agree on this, we could all get on with the job of finding a better way for the future.