PIA fines Houghton & Associates £30,000

IFA firm Houghton & Associates has been fined £30,000 by the Personal Investment Authority plus £5,400 in costs after the regulator found it had failed to act with due skill, care and diligence when promoting an investment scheme to its clients. It also failed to carry out adequate checks on the scheme, its operation and the parties involved. The PIA judged H&A to have failed to apply for its approval in arranging deal in securities "which are not readily realisable" and failing to issue to compliant investment advertisement to its clients. The adverts, says the PIA, did not inc...