The FSA has today confirmed it has cancelled permission rights to trade of David Aaron Partnership, following the liquidation of the firm earlier this year.
A final notice posted on the website this morning reveals the Financial Services Authority has removed official Part IV rights to trade because of several regulatory breaches between January 1998 and June 2003 relating to the “mis-selling” of Structured Capital at Risk Products (SCARPs). In particular, the FSA alleges the David Aaron Partnership license was removed because it missold “a substantial number of SCARPS” and its “internal risk assessment process was fundamentally flawed” and therefore made errors over a number of years, largely because the firm failed to check how products we...
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