FSA bans 'reckless' IFA over bond loss guarantees

It says McCance, who was director at Penn Financial Services Unlimited (Penn), "acted recklessly" in arranging transactions which could not be justified in terms of suitability and in providing written loss guarantees to individuals who complained about the performance of their investment bonds. He was also found to have completed mortgage applications with inaccurate information and failed to record sufficient and accurate details of customers' personal and financial circumstances for assessing the suitability of recommendations. The regulator says McCance also failed to ensure the f...