FSA fines firms over traded endowment policy failings

Knowlden Titlow Financial Services has been fined £35,000 for failing to ensure that all of its advisers fully understood the policies and their risks before recommending them to customers. It also failed to gather enough information about its customers to support and ensure the suitability of its recommendations; nor did it adequately explain the risks associated with geared traded endowment polices. In addition to the fine, Knowlden Titlow has agreed to stop selling geared traded endowment policies and to contact all customers sold potentially unsuitable policies, offering redress where...