Sesame's Keydata advice failings... and the £6m bill

Here is the Financial Conduct Authority's (FCA's) reasoning for its enforcement action. The £6,031,200 fine was issued for two sets of failings: failing to ensure that investment advice given to customers was suitable failings in the systems and controls that governed the oversight of Sesame's appointed representatives (ARs). The penalty is made up of a £245,000 fine for Sesame's advice failings in relation to Keydata life settlement products, and a £5,786,200 fine for systems and controls weaknesses across its investment advice business. The FCA said all of the failings re...