Charterhouse Consulting Wealth Management has been fined £122,500 by the Financial Services Authority for carrying out discretionary portfolio management without permission and for various conduct of business failings.
The FSA says its investigation revealed the IFA firm regularly switched a number of clients between funds despite not having permission to operate in this way, in particular it says Charterhouse would often send clients an email before 6.30am in the morning proposing the switching of funds and requiring a response by 8.00 am. Switches would then take place without any further instruction from the client. In addition, the FSA says Charterhouse failed to record sufficient client information to demonstrate the suitability of its advice; the firm did not ensure transactions were appropriate...
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