FSA fines IFA firm for multiple failings


The FSA has fined IFA firm TBO Investments £28,000 for failing to clearly document the explanation of transaction risks to its clients.

TBO, which has offices in York and London, also failed to make and retain records that demonstrated the suitability of its advice and to ensure that its business was conducted in accordance with FSA requirements. Between December 2001 and October 2007, TBO failed to obtain and retain sufficient information about clients' personal and financial circumstances and objectives, leading to an unacceptable risk of unsuitable investment advice being provided. It also failed to issue suitability letters that consistently explained why the relevant transaction was suitable for the customer in ques...

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