Stockbrokers Hoodless Brennan hit with £90,000 FSA fine

The FSA found the sales practices employed by Hoodless' brokers, when selling KTS shares to customers, fell below both regulatory standards and Hoodless' own internal standards. The unacceptable sales practices included persuading customers to buy stock when they were not ready to do so and persuading customers to take more stock than they appeared to want. Brokers also used information about a contract between Hoodless and KTS, that was not in the public domain, as an inappropriate sales aid to persuade customers to buy KTS shares. They provided customers with unsubstantiated personal...