FSA has fined a small investment firm £28,000 for failing:
- to document clearly how it explained risks to clients; and
- to make and keep suitability records.
FSA found that over nearly seven years the firm did not implement proper informationfinding or customer documentation and its systems and controls meant there was inadequate supervision of advisers or over trust signatures. It also found the firm once acted outside the scope of its permission. The firm has appointed a consultant to do a past business review to identify any past poor advice and pay redress to any customer who suffered.