Two IFAs banned over suitability of advice failings

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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...

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