The FSA has fined a firm and two individuals for failures in relation to the sale of Lehman-backed structured products between November 2007 and August 2008.
Dundee based law firm Thorntons Law LLP (Thorntons) has been fined £35,000 and partner Michael Royden also fined £10,500. Robert Peter Yarr, of Belfast-based IFA McClelland Yarr Financial Services, was fined £28,000. The regulator says Thorntons gave unsuitable advice in relation to sales of Lehman-backed structured products. This included advising clients to invest when they could not afford to do so and recommending a high concentration of customers' savings and investment portfolios be placed in structured products. In one case, a client had 45% of his wealth invested in a product. ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
