FSA censures repeat offender City Gate

The Glasgow-based company advised on pension transfer and income drawdown business when it did not have permission to do so, and produced a financial promotion that did not comply with FSA rules, among other failings. It is the second time the FSA has taken action against City Gate: in July 2009, it fined the company £42,000 for systems and controls failings around the approval of financial promotions and inadequate monitoring of appointed representatives. The regulator said it would have imposed financial penalties of £180,000 on City Gate and £70,000 on Domke. However, City Gate ...