FSA

Savoy Investment Management Limited failed to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients, the Financial Services Authority has said following its decision to fine the firm.

Wealth manager Ashcourt Rowan has agreed to a fine of £412,000 from the FSA for a number of legacy issues relating to investment suitability in its Savoy business.

IFA network PI Financial is in the spotlight again over the mis-selling of unregulated collective investment schemes (UCIS), two months after being hit with a £58,000 fine by the regulator for giving unsuitable UCIS advice.

The Financial Services Authority (FSA) has censured The Pentecostal Credit Union Limited (TPCU) for issuing loans worth £1.2m under its members' names but channelling the money to a church organisation.

Lord Sassoon, the architect of the twin peaks regulatory reforms, has warned the outcome of the Financial Services Bill could still be watered down by political pressure.

The Financial Services Authority (FSA) has written to fund group chief executives outlining its concerns over conflicts of interest policies and is considering taking enforcement action after a review of industry practices.

An adviser jailed earlier this year for more than 40 fraud-related offences has been banned by the Financial Services Authority (FSA).

The Financial Conduct Authority (FCA) will be run as a consumer champion and not for the benefit of member firms, according to a leading regulatory lawyer.

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