A Kent-based asset manager was forced to change two client contract terms which said it could up charges without telling its customers.
According to the FSA, terms used by Jarvis Investment Management gave it "complete freedom" to alter its rates without client notification, and also meant customers were "not free" to exit the contract if they did not accept the change.
The undertaking relates to Tunbridge Wells-based Jarvis's Signature ISA, PEP and Nominee Account standard terms and conditions.
One term read: "Details of the rates of account charges are available on request and may be amended at our sole discretion from time to time."
The FSA said the term must instead read: "You will pay us a fee for our services in accordance with our published rate of account charges from time to time. Details of the rates of account charges are available on request."
"The firm did not have to give valid reasons for changing its charges or tell its customers about any changes," the undertaking reads. "Customers were also not free to exit the contract if they did not accept the change."
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