FSA censures Integrity for GTEP advice failings

The regulator says Integrity failed as both an IFA practice and product provider but, as the business is in voluntary liquidation, it has not imposed what would have been a £350,000 fine. As an IFA, Integrity failed to communicate adequately why a GTEP was suitable for customers and the risks associated with it. It also failed to demonstrate GTEPs were the most appropriate products for the clients. As a provider, the firm failed to ensure promotional material explained the product clearly, which subsequently impacted on its IFAs' abilities to advise on the product. The FSA has inst...