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FCA fines AXA Wealth £1.8m for advice failings
by Sarah Miloudi on Sep 13, 2013 at 10:45
The Financial Conduct Authority (FCA) has fined AXA Wealth Services £1,802,200 for failing to ensure it gave suitable investment advice to its customers.
The failings put a 'significant number of customers at risk of buying unsuitable products', the City watchdog said, adding that many of AXA’s shortcomings only came to light during one of its reviews.
As well as honouring the financial penalty, the FCA said AXA had agreed to contact all of the customers who may have been affected, with a third party overseeing a review of any issues they identify.
Although losses are expected to be low, any customer found to have suffered will be fully compensated, and those sold inappropriate products will be able to switch or withdraw their investment, the FCA added.
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