FCA imposes landmark recruitment ban on network - which escapes £12m fine

The FCA said the firms failed to ensure their ARs and individual advisers were adequately supervised and controlled to minimise the risk of mis-selling and the provision of unsuitable advice to consumers. Were it not for the firms' financial position, the FCA would have imposed a penalty of £12.5m on network Financial and more than £620k on Investments. The regulator said networks play an important role in financial services and it is critical that they have access to quality management information and risk-focussed systems and controls so that they can effectively discharge their res...