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Chase Capital Finance fined £35,000

Didcot Magistrate’s Court has fined Mayson Shanti of Marcham, Abingdon £35,000 for falsely representing itself as regulated by the Financial Services Authority.

Shanti falsely claimed his company, Chase Capital Finance was authorised by the FSA.

This is the first time that the FSA has prosecuted an individual for falsely claiming to be authorised.

Shanti and Chase Capital were found guilty of placing advertisements in the BT Telephone Directory and Yellow Pages, falsely stating that Chase Capital Finance was authorised by the FSA to carry out regulated financial services.

Chase Capital, which is no longer trading, was also fined £1,000 for the offence by Didcot Magistrate’s Court.

Margaret Cole, director of enforcement at the FSA, says: “By lying that his company was authorised Shanti undermined the FSA’s process for ensuring that people who work in the financial services market are fit and proper.

“We take false claims of authorisation seriously and where possible will prosecute to the full extent of the law anyone suspected of doing so.”

Shanti and Chase Capital were also ordered to £1,500 each in respect of the FSA’s costs.

There was no evidence that any consumers had lost out as a result of the advertisements.

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