FSA fines third broker over high-risk shares

The regulator has fined London-based stock broker Mansion House Securities £122,500 for giving customers unsuitable and inaccurate advice when selling the shares. Mansion House, which specialises in shares that have not launched on any market, had failed to highlight the risks associated with the recommended shares to clients and used “inappropriate sales practices to pressure customers into buying shares”. The broker had also failed to set up adequate compliance procedures and ensure it properly trained its staff. It then failed to disclose the commission and charges it received rela...