IFA fined £60k and banned for unsuitable UCIS sales

Patrick Francis O'Donnell, of P3 Wealth Management Limited, has also been banned from performing any function in relation to any regulated activity in the financial services industry. Meanwhile his West Lothian-based firm, where he was sole director and the only approved person, has also had its permission to carry on regulated activities cancelled. The FSA said O'Donnell had failed to adequately assess whether non-mainstream investments were suitable for his clients and whether his clients were eligible to receive promotions for UCIS under the FSA's restrictions. It added that, al...