FSA has fined Direct Sharedeal Limited £101,500 because of actions of its appointed representative. It allowed its representative to carry out penny-share deals, but the representative used misleading sales pitches that did not set out the risks of penny shares. FSA found the representative's procedures paid little attention to suitability or to accuracy of sales materials. It also held clients' money in an unregulated affiliate. FSA found Direct Sharedeal had not been vigilant about what its representative was doing. As well as the fine, FSA varied the firm's permission so it can no longer take on appointed representatives.