10 May 2006
A chairman of a credit union has been banned from any involvement in the bodies by the financial industry regulator.
The Financial Services Authority (FSA) said that Albert Waite had displayed a "wilful and persistent disregard for FSA rules" while in charge of the London Adventist Credit Union.
Dr Waite headed the union from 1993 to 2004, but was criticised for using credit union funds for insecure investments, failing to inform its members of this and personally profiting from the investment.
Credit unions are organisations owned by their members and are designed to give those on low incomes access to credit that they are unable to receive from larger financial institutions.
Margaret Cole, the FSA's director of enforcement, said: "Dr Waite's conduct demonstrates a wilful and persistent disregard for the requirements and standards of both the previous and current regulatory system. Through his conduct, Dr Waite demonstrated that he is not fit and proper and poses a risk to consumers.
"The FSA will not tolerate people in this industry who threaten confidence in the financial system or pose a significant risk to consumers."
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