Savoy Investment Management Limited failed to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients, the Financial Services Authority has said following its decision to fine the firm.
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. According to the FSA, Savoy allowed its investment managers a high degree of discretion to advise its wealth management clients on their investment portfolios. But the regulator said it found the firm, a subsidiary of Ashcourt Rowan, had limited front office controls and its other processes failed to ensure the suitability of its advice and portfolio management. This included failures to collect and record know your clie...
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