Adviser fined for 'misleading' FSA

Blake Independent Financial Services Limited (BIFS) has been fined £31,500 for offences between October 2003 and July 2007. An FSA investigation found the firm had failed to maintain adequate financial resources from its date of authorisation on 29 October 2003. The firm did not put in place subordinated loans - which rank after other debts should a firm fail - required by the FSA to meet capital resources requirements. In 2005, the firm did not put a further subordinated loan in place to rectify its capital resources shortfall. The firm also submitted returns to the FSA which indica...