27
Jan/100
Jan/100
Firm fined for not complying with FSA principles and rules
The FSA has fined a Derbyshire-based financial advice firm and its two partners a total of £49,000.
The failings at Sett Valley Insurance Services were identified during an FSA visit focussing on the fair treatment of customers, as part of its assessment programme for small firms.
The subsequent FSA investigation identified a number of problems with the firm’s sales and advice processes, including a failure to record sufficient information about customers’ personal and financial circumstances to ensure the suitability of any advice they gave, and a failure to communicate with them in a way that was clear, fair and not misleading. The firm’s systems and controls were also inadequate and did not meet the FSA’s requirements.
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