Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

FSA fines wealth advisory firm for misleading promotions

FSA fines wealth advisory firm for misleading promotions

Investment firm Baronworth has been fined £50,000 by the City regulator for failing to inform clients of its products' risks.

The Financial Services Authority (FSA) said Baronworth's promotions were misleading, and failed to reflect the hazards of investments as prominently as the benefits flagged up.

The watchdog also said the Ilford-based firm failed to handle complaints properly, and noted a significant number of these were linked to its Eurolife Secured Bond ISA.

Colin Jackson, the firm''s chief executive, was directly responsible for this, the FSA said.

'This particular case emphasises the need for authorised firms and approved persons to ensure their financial promotions are clear, fair and not misleading, especially when they are carried out on a direct offer or non-advised basis,' Bill Sillett, head of retail enforcement at the FSA, said.

'This is particularly important to ensure non advisory firms are compliant with the recent changes brought in by the retail distribution review.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Play Dangerous daisy chains, Black Friday blues and Uber valuations

Dangerous daisy chains, Black Friday blues and Uber valuations

This week’s Investment Pulse looks at the domino effect in European banks, America’s disappointing Black Friday and how much Uber is really worth.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter