SFA fines Morgan Stanley brokers

The Securities and Futures Authority has issued details of two Morgan Stanley brokers fined for failing to act with due skill, care and diligence. Hugh Rance and Bradley Bilgore breached principle two of the regulator's statement of principles and have been ordered to pay fines of £25,000 and £15,000 respectively in addition to costs of £19,008 and £11,404 respectively. The actions against Rance and Bilgore arose after the execution of a client's order to purchase shares in a pharmaceutical company, despite says the SFA 'the apparent impropriety of the client's instructions'. The pai...