IFA fined after netting £100k commission on bonds advice

The company made almost £100,000 commission as a result of the reinvestments but the FSA makes clear it found “no evidence” of deliberate behaviour by the firm. According to the regulator, the actions of Kent-based adviser Henry Neil, of HNL, put 13 customers at risk of buying unsuitable investment bonds. Interestingly, 22 cases in total were identified, but the remaining nine were, according to the FSA, as a result of “advice” given by that customer’s solicitor or accountant. HNL has appointed an external compliance consultant to conduct a review of investment products sold betwee...