Money Wise fined £20k for platform advice failings

clock

The FSA has fined Money Wise IFA £19,600 for compliance failings on investment advice it gave to more than 500 customers using platforms and discretionary portfolios.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read
Consumer Duty two years on: Challenges remain for advisers

Consumer Duty two years on: Challenges remain for advisers

‘Biggest challenge for advisers at the moment'

Sahar Nazir
clock 31 July 2025 • 4 min read