Tribunal backs FCA on traded endowments: The Tribunal has confirmed FCA's determination that Westwood Independent Financial Planners breached Principle 7 and various Conduct of Business rules in respect of its sales of geared traded endowment policies. It also confirmed FCA's penalty award of £100,000. The firm had tried to argue that FCA's case focused only on gearing, which is not regulated. FCA said, and the Tribunal agreed, that the gearing was an ancillary aspect of business in relation to plans that constituted designated investments. The Tribunal investigated FCA's allegations of rule breach and concluded the firm had not made clear communications to enable customers to understand the product risks. FCA welcomed the decision, noting the firm has now gone out of business.