FSA has fined and banned the directors of a firm for misleading financial promotions and mismanagement of an investment scheme. It found Neil and Timothy Marlow of the Bridford Group had agreed to invest client funds in an “investment scheme” without considering what the scheme was or whether it could work. Investors would have lost all their money were it not for an insurance policy to cover the loss. FSA fined them each between £30,000 and £40,000 and banned them from significant management functions. It also fined City Gate Money Managers Limited, the principal of an Appointed Representative run by the Marlows, £42,000 for approving promotions for the investment and not properly checking on its Appointed Representatives. City Gate has also agreed not to take on any new Appointed Representatives, stop pension transfer business (on which FSA had separate concerns) and carry out a past business review.