A husband-and-wife financial adviser team have been barred from the profession after blowing millions of pounds on luxuries, including cosmetic dental treatment and flying lessons, despite their firm being declared insolvent after it mis-sold endowment policies.
John and Colette Chiesa, founders of Westwood independent financial planners in Lanarkshire, were banned from working in financial services after pretending they were bankrupt while secretly being paid £84,000 per month by a trust.
Their company had entered sequestration, the Scottish term for bankruptcy, in 2011 after being fined £100,000 by the Financial Conduct Authority (FCA) for a series of mis-selling offences, resulting in claims against them by customers of up to £5 milli…
Read the full article at: https://www.thetimes.co.uk/edition/business/mis-selling-couple-had-luxury-lifestyle-rxx0frx3d
