IFA who suggested remortgaging to invest in GTEPs loses £100k fine appeal

The Tribunal agreed with the FCA that Westwood breached two of its Principles for Businesses and a range of FCA rules in relation to its sale of GTEPs between September 2005 and October 2007. It noted Scottish firm Westwood had made £509,123 commission from the sale of 50 GTEPs - and was scheduled to receive £700,000 commission on those sales -  and that a fine of £100,000 was both adequate punishment and an appropriate amount to serve as a deterrent. The FCA had noted in its original decision notice against Westwood in 2011 that, often, it advised investors to remortgage their home t...