FSA has fined Pi Financial Limited £58,300 for breaches of Principles 3 and 9. It found that, over a three-year period, the firm failed to have adequate monitoring processes for sales to ensure advice complied with regulatory requirements. It did not give its advisers adequate training and supervision and failed to put in place the right compliance and file checking arrangements for its business. Also, FSA found that, in a sample of files, half the sample revealed unsuitable sales of high-risk products, including all the recommendations relating to unregulated collective investment schemes and structured products. (Source: FSA Fines for Sales and Compliance Failings)