Two directors at financial advice firm TailorMade, which was the main distributor of unregulated property scheme Harlequin, have been ordered to pay a fraction of the fines initially handed to them by the regulator.
The Financial Conduct Authority (FCA) this week published two decision notices against TailorMade directors Robert Shaw and Lloyd Pope, who have been ordered to pay £41,400 and £23,400 respectively. However, the money both directors have ultimately been asked to pay in fines was significantly lower than what the pair were originally asked to fork out by the FCA. Both men qualified for 30% discounts of their original fines due to agreeing to settle during 'stage 1' negotiations - a common practice used by the FCA - but then also received further 75% discounts on those already-reduced fig...
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