IFA partners hit with £50k fine

Paul Armitage, Huw Evans and Brian Smith, of Pace Financial Management, have been fined a total of £49,000 for failing to have appropriate systems and controls in place. The FSA says the trio failed to effectively supervise other partners at the firm - as well as its team of brokers - and adequately check client files between July 2003 and December 2007. Their incompetence enabled a fourth, unnamed, partner to carry out financial crime with a mortgage adviser, again unnamed, working for Pace. The anonymous partner, who has since left the firm, has been convicted of fraud-related of...