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Release Date: 8th June 2018

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has fined Darren Colvin Cummings, Director of DCC Financial Limited, £29,300 and prohibited him from performing any regulated financial activities. This action was taken due to Cummings’ dishonest conduct, including fabricating documents and making false statements to mislead the FCA about his qualifications.

Between May and July 2015, Cummings submitted false documents resembling Statements of Professional Standing (SPS) issued by the Chartered Insurance Institute (CII) to the FCA. These documents falsely indicated that he had the necessary qualifications to provide investment advice to retail customers. Cummings also made multiple false statements about his qualifications and experience in communications with the FCA.

The FCA concluded that Cummings’ actions demonstrated a failure to act with integrity, violating Statement of Principle 1. His misconduct posed a risk to consumers and the integrity of the financial system. Consequently, the FCA withdrew his approval to perform the CF1 (Director) controlled function and imposed a prohibition order.

Key Takeaways for Other Firms:

In conclusion, the FCA’s action against Darren Colvin Cummings highlights the critical importance of honesty and integrity in the financial services industry. Firms must ensure robust compliance and verification systems to prevent similar misconduct and protect the integrity of the financial system.

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