Wealth manager Ashcourt Rowan has agreed to a fine of £412,000 from the FSA for a number of legacy issues relating to investment suitability in its Savoy business.
The group said although this is a significant fine, it chose to accept the FSA's findings and agree an early settlement. Chairman Kenneth West said: "In the past our processes and systems were not as robust as they should have been and this has been a key focus of the Change Management Programme over the past year. It is absolutely right that we should resolve legacy issues like these ones whilst aiming to build best in class administration and compliance systems for the future." The fine contributed to an overall loss before tax of £1.2m for the group for the six months ended 30 Sept...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
