An IFA has hit out at the Financial Services Authority after a £25,000 fine for what the regulatory body describes as "serious systems & controls, risk management and compliance failures".
The FSA has fined CFS Independent for a catalogue of compliance failings but, more specifically, says its senior management lacked the necessary knowledge and expertise to ensure the company could comply with key regulatory requirements designed to safeguard money and client assets. The regulator adds CFS - which has FSA permission to carry out discretionary investment management – relied heavily on a third-party compliance services to manage its regulatory requirements and had a poor risk management strategy as a result. Moreover, management was not aware of key obligations the firm ha...
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