RECKLESSLY recommending high risk products to inexperienced clients has led to a former financial adviser at a Bromsgrove investment firm being fined and banned.

Paul Reynolds, formerly known as Paul Brian Reynolds, was fined £290,344 and banned from any function in relation to regulated activities by the Financial Conduct Authority. The action was due to his work at Aspire Personal Finance Ltd between 2005 and 2010. During the period, the FCA said Mr Reynolds recommended a number of complex and high risk products to clients on low incomes with little or no investment experience.

While investigating, the FCA found that Mr Reynolds "recklessly" recommended high risk products to eight retail clients, made transactions on behalf of two clients without their knowledge and inflated valuations to hide the poor performance of his investments.

Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: "People should be able to trust advisers to recommend products which will suit their needs. This fine reflects the fact that we will not hesitate to take action against firms or individuals who fail to put the best interests of their clients first."

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