Derbyshire firm fined £49,000 for TCF breach

Partners Leslie Lugsden and John Hargreaves failed in their roles to ensure adequate advice was given to customers and were also responsible for inadequate systems and controls. The pair were each fined £10,500 for breaching the FSA's Statement of Principles for Approved Persons. Sett Valley was also fined £28,000 for breaching the FSA Principles for Businesses. The failings at Sett Valley - which the FSA says highlights the risks posed by a failure of senior management - came to light during an FSA inspection focussing on TCF. A subsequent investigation identified a number of pro...