The FSA has fined Barclays £7.7m, the highest imposed for retail failings, for poor investment advice linked to the sale of two Aviva funds, and has secured £60m in redress for customers.
The fine, which was intially £11m before Barclays agreed to settle, is for advice failures linked to sales of Aviva's Global Balanced Income Fund and Global Cautious Income Fund to 12,331 people with investments totalling £692m. In its investigation, the regulator found a number of serious failings in the way the funds were sold between July 2006 and November 2008. Barclays failed to ensure the funds were suitable for customers in view of their investment objectives, financial circumstances, investment knowledge and experience. It also did not ensure that training given to sales s...
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