The FSA has made a payment of almost £5,000 and apologised to an investment advisory business after it incorrectly told two of its clients the company was not on its register.
The ex-gratia payment of £4,590 matches the amount the unnamed firm would have received in commission had the investment business it recommended been processed. Instead, the customers declined to complete the transaction and took their business elsewhere after a member of the FSA's customer contact centre (CCC) incorrectly told them the company was not regulated. The husband and wife clients had telephoned the CCC to check the company was authorised by the FSA. An additional ex-gratia payment of £500 has also been made to the individual adviser involved. It follows recommendatio...
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
