Money Wise fined £20k for platform advice failings

According to the regulator, the Bath-based business did not have sufficiently-robust compliance arrangements, particularly for the training of advisers and ensuring suitability reports were clear, fair and not misleading. Despite recommending platform-based investments to 519 customers, the firm failed to ensure advisers explained their rationale clearly to investors. As a result, clients were not fully aware of the reasons behind their recommendations. Additionally, the FSA found Money Wise had not made it clear to customers some of the underlying investments contained unregulated co...