Two IFAs banned over suitability of advice failings

clock

The FSA has banned two independent advisers over suitability of advice failings, but both have escaped fines due to financial hardship.

Peter Stephen Fox, partner at Wheatcroft Fox & Co, has been prohibited from practicing for his failure in his role as an approved person. His Birmingham-based company has been publicly censured for systems and controls failings, an inability to demonstrate the suitability of its advice - particularly on high-risk pension products - and for failing to cooperate with the FSA. Were it not for verified evidence of financial hardship, the company would have been fined £45,000 and Fox himself £15,000. Failings at Wheatcroft were identified during an FSA TCF visit to the company in Novemb...

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

Director jailed for near £9m investment fraud

Director jailed for near £9m investment fraud

Declan Nowell sentenced for ‘Ponzi-style’ investment scam

Sophia Panayi
clock 01 June 2026 • 2 min read
Proposed simplified advice rules unlikely to help service new clients, advisers say

Proposed simplified advice rules unlikely to help service new clients, advisers say

Research from AJ Bell

Sophia Panayi
clock 01 June 2026 • 1 min read
Succession Alliance to tackle 'completely unregulated' space this year

Succession Alliance to tackle 'completely unregulated' space this year

Wants to create a ‘minimum set of standards’

Sophia Panayi
clock 27 May 2026 • 4 min read