Two IFAs banned over suitability of advice failings

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...