FSA has fined Moneywise IFA Limited £19,600 for failure to have compliance arrangements to deal with investment advice it gave customers using platforms and discretionary portfolios. FSA said the firm had not updated its procedures as its business grew. Although FSA found no evidence of customer detriment, it found advisers did not always understand why they were making recommendations and did not explain recommendations to customers. The firm had made changes suggested by a compliance consultant and appointed a new compliance officer. Had it not done this, the fine would have been more.