IFA directors fined and banned for mis-selling UCIS

Paul Banfield and Anthony Moss, former directors of Best Advice Financial Planning, a small IFA firm in Surrey, have been banned from holding any significant influence functions. Banfield has also been banned from being an investment adviser and fined £15,000. Moss would have been fined £20,000 but this was not enforced after he provided evidence of financial hardship. The FSA found weaknesses in the firm's systems and controls had resulted in customers being exposed to the risk of receiving unsuitable advice. At least 22 customers were advised to invest in UCIS. But the FSA fou...