A RECKLESS financial adviser who misled low-income families in Worcestershire has been fined almost £300,000.

Paul Reynolds, who ran Aspire Personal Finance from Bromsgrove Technology Park, has been banned from the profession and fined £290,344 by the Financial Conduct Authority.

The regulator has labelled Mr Reynolds as “not fit and proper” and lacking integrity, after its investigation found damning evidence of malpractice including falsifying signatures and documents.

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.”

Mr Reynolds, formerly known as Paul Brian Reynolds, “recklessly” recommended high-risk and complex products to retail and personal clients, many of whom were on low incomes and had little or no investment experience, when he was aware he could “not justify their suitability”.

He failed to inform his customers of the associated risks and attempted to cover up this non-disclosure by retrospectively creating documents.

The financial adviser even falsified the signatures of two clients, produced inflated valuations to conceal the poor performance of his recommendations and made investments without his clients’ knowledge, according to the FCA.

All of the charges relate to activity between 2005 and 2010.

Mr Reynolds initially referred the decision to the Upper Tribunal – an independent body with the power to overturn FCA rulings – but withdrew his appeal on Thursday, April 30.