An adviser has been banned by the FSA for exposing customers to the risk of receiving unsuitable advice and failing to take remedial action.
Martin Powsney, director of Manchester-based IFA firm Powsney & Co Ltd, was found to be not fit and proper to run an authorised firm, and has been banned from holding significant influence functions at an authorised firm. Powsney's systems and controls were not sufficient to ensure consumer received suitable advice, the FSA says, and he also failed to take remedial action following an FSA visit to assess TCF. His firm received an initial FSA visit in 2007, where the regulator asked Powsney to take action to rectify serious failings. Powsney employed a compliance consultant to assis...
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