FSA bans former Towergate adviser after fraud conviction

FSA Letters 480

The FSA has banned former Towergate adviser Ryan Burnside from all regulated activities after he conned a grandmother out of her life savings.

Burnside conned Margaret Gallivan out of her £150,000 retirement pot to pay for his gambling addiction. He was sentenced to two years and four months jail in January.

Burnside’s ban takes effect from today, following an FSA warning notice on 3 October. Explaining the decision, the FSA’s final notice says Burnside has demonstrated a “lack of honesty and integrity”.

In January, Stirling Sheriff Court heard that Ryan Burnside pretended to invest Margaret Gallivan’s life savings overseas when he was actually spending it at casinos.

Burnside was convicted of obtaining money by fraud. He was told by a sheriff he had carried out a “gross breach of trust”, sentencing him to two years and four months in prison.

Burnside told Gallivan he had large amounts of land and expensive cars. He was sacked from his post as an adviser with Albannach, now part of Towergate Financial, in 2008 but told Gallivan that the FSA had said he could work as an adviser again.

He was caught when Gallivan’s son found out he should not be working as an adviser. His solicitor told the court Burnside had enjoyed a lavish lifestyle from his work until gambling problems took their toll in 2005, culminating in debts of over £40,000.