The FSA this week fined N&P £1.4m for giving unsuitable advice on Keydata products, on top of the £51m it must pay out in compensation.
For people who tuned into the Keydata-N&P saga last August, the enforcement action may have come as a surprise. Then, N&P chief executive Matthew Bullock said he would find it “puzzling” if the FSA and the FSCS failed to rule investors lost money because of internal fraud at Keydata, adding indignantly: “Just because you advise somebody and the product fails doesn’t mean to say you’ve mis-sold it.” True, except when you have mis-sold it, which N&P IFAs did, a lot. While you were at the helm Mr Bullock. Instead of taking responsibility for the systematic mis-selling problems at N&P,...
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