FSA fines IFA firm for multiple failings

clock

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...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Regulation

The MP requested better understanding on what criteria the FCA is considering if these tests have been met and what information is needed for the FCA to adjust its view.

Nick Smith MP writes to FCA: 'Implement redress scheme for steelworkers'

Welsh MP Nick Smith has written to Financial Conduct Authority (FCA) chief executive Nikhil Rathi asking him to implement a consumer redress scheme for steelworkers.

Sophie King
clock 06 August 2021 • 3 min read
FCA wins Court of Appeal case against Avacade

FCA wins Court of Appeal case against Avacade

£91m transferred into SIPPs

Sophie King
clock 04 August 2021 • 2 min read
By making these changes, the FCA added, firms can now access the sandbox testing services at the right point in their development lifecycle.

FCA opens up regulatory sandbox

Can now apply throughout the year

Sophie King
clock 02 August 2021 • 2 min read