FCA fines Sesame £6m for Keydata advice failings

Sesame failed to ensure that investment advice given to its customers was suitable; and failed in the systems and controls that governed the oversight of its appointed representatives (ARs), the FCA said. The penalty is made up of a £245,000 fine for Sesame's advice failings in relation to Keydata life settlement products, and a £5,786,200 fine for systems and controls weaknesses across its investment advice business. All of the failings relate to Sesame's oversight of its appointed representatives, which are individuals or firms that draw their authorisation from a principal (in this...