The FSA has fined Money Wise IFA £19,600 for compliance failings on investment advice it gave to more than 500 customers using platforms and discretionary portfolios.
According to the regulator, the Bath-based business did not have sufficiently-robust compliance arrangements, particularly for the training of advisers and ensuring suitability reports were clear, fair and not misleading. Despite recommending platform-based investments to 519 customers, the firm failed to ensure advisers explained their rationale clearly to investors. As a result, clients were not fully aware of the reasons behind their recommendations. Additionally, the FSA found Money Wise had not made it clear to customers some of the underlying investments contained unregulated co...
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