How TCF visit led to ban and fine for IFA over UCIS sales

The FSA yesterday banned a fined IFA Patrick O'Donnell £60,000 for selling the products, as well as other unregulated funds. Although it accepted he may have honestly and sincerely believed he was doing the right thing, the FSA was damning in its evaluation of his conduct, deeming him unfit to continue in his role. The verdict The FSA said O'Donnell demonstrated a fundamental lack of understanding of the restrictions and risks associated with promoting UCIS to retail customers and demonstrated he is unable to take adequate steps to ensure customers receive suitable personal recommen...