The FSA has fined a firm and two individuals for failures in relation to the sale of Lehman-backed structured products between November 2007 and August 2008.
Dundee based law firm Thorntons Law LLP (Thorntons) has been fined £35,000 and partner Michael Royden also fined £10,500. Robert Peter Yarr, of Belfast-based IFA McClelland Yarr Financial Services, was fined £28,000. The regulator says Thorntons gave unsuitable advice in relation to sales of Lehman-backed structured products. This included advising clients to invest when they could not afford to do so and recommending a high concentration of customers' savings and investment portfolios be placed in structured products. In one case, a client had 45% of his wealth invested in a product. ...
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