The FSA has censured a London-based stockbroking firm for repeated failures by its appointed representative where customers were forced to buy shares they did not want.
Falcon Securities has been slapped with the censure after Montague Pitman Securities (MPS) continuously breached FSA Principles for Businesses regards advising on and arranging the sale of higher risk securities for MPS's retail clients. The FSA found between 17 September 2007 and 30 January 2009, MPS failed to gain enough information on its clients' personal and financial circumstances to judge the suitability of advice before recommending shares. The firm also failed to reveal all commissions, charges, and inducements it received for selling shares, and was found to have used pressu...
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