FSA has fined Savoy Investment Management Limited £412,000 for failing to have in place proper procedures to ensure it did not give its clients unsuitable advice. The firm gave its advisers wide discretion and had limited front office systems. FSA found, in the course of its wealth management review, that the firm often did not have enough information about the customer, which meant there was a high risk advisers would make recommendations that were not suitable given the customer’s investment profile and risk appetite. It did nothing about the failings for almost two years after becoming aware of them and is now carrying out a past business review. (SourceFSA Fines Wealth Management Firm for Suitability Failings)