Regulator fines IFA £20k for Keydata advice

Laura Miller
clock

The Financial Conduct Authority (FCA) has fined independent advice firm John Joseph Financial Services (JJFS) £20,000 for failings relating to the sale of Keydata products.

JJFS is an independent financial adviser firm which recommended Keydata products to 29 customers in two separate periods between August 2005 and June 2006 and between November 2008 and December 2008. The FCA found JJFS did not adequately assess the needs of customers and their appetite for risk, and did not disclose adequately all material risks of the Keydata products to customers. This included failing to properly recognise the risks of a lack of diversification of investments in a customer's portfolio, not properly disclosing these risks to customers. JJFS also did not take suff...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

FCA seeks feedback on stablecoin and crypto policy proposals

FCA seeks feedback on stablecoin and crypto policy proposals

Feedback deadline set at 31 July

Patrick Brusnahan
clock 29 May 2025 • 1 min read
Partner Insight: Debt, deficits, and market resilience: Is your portfolio prepared?

Partner Insight: Debt, deficits, and market resilience: Is your portfolio prepared?

The world is awash in debt. In the US, government borrowing has surged past 100% of GDP, and the fiscal deficit is at a level typically seen in wartime. Other major economies are in similar situations. So, what does this deluge of debt mean for markets?

Orbis Investments
clock 22 May 2025 • 5 min read
Evelyn Partners launches Index MPS range into IFA market

Evelyn Partners launches Index MPS range into IFA market

Five risk-rated portfolios to help cost-conscious investors

Jenna Brown
clock 20 May 2025 • 1 min read