FSA has published a statement of misconduct against Wheatcroft Fox & Company and its former partner, compliance officer and money laundering reporting officer, Peter Fox. It found the firm had breached Principles 3, 9 and 11 through failings in its systems and controls to keep information about its clients and recommendations, and failure to show its recommendations were suitable. It also failed to comply with a requirement notice FSA imposed. FSA would have set a fine of £45,000 (£30,000 were it not for the additional failure to comply with the requirement notice), but for the financial position of the partners of the firm. It also withdrew approval from Mr Fox and banned him from holding any significant influence function until he can show he has taken steps to remedy his lack of competence and capability. It would have fined him £15,000 were it not for his financial hardship. Separately, it banned and issued a statement of misconduct against Gary Hexley, former holder of the customer function at Exclusive Asset Management Limited (now in liquidation), for making misleading statements and failing to ensure he gave suitable and appropriate advice. It would have fined him £20,000 but for the fact he has been declared bankrupt. (Source: Final Notice for Wheatcroft Fox & Company, Final Notice for Peter Stephen Fox and Final Notice for Gary John Hexley)