NHFA advisers 'sacrificed commission' to ensure suitability

The employee, who asked not to be named, said NHFA regularly sacrificed commission to ensure maximum allocation rates on the products and claimed the company negotiated "unusual" deals with providers so the investments did not invoke penalties for withdrawals or early encashment. HSBC, which acquired NHFA in 2005, was fined £10.5m by the FSA last month for the mis-selling of investment bonds by the advisory business in the five years to July 2010. The products were sold to the elderly to pay for care fees. A sample of 380 customer files assessed by a third party on behalf of the FSA a...