Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. 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 Sam Vecht: the best opportunities in frontier markets

Sam Vecht: the best opportunities in frontier markets

Blackrock's Vecht evaluates frontier markets and explains where he sees the opportunities

Play Where A-rated Pattullo is finding the best bond opportunities

Where A-rated Pattullo is finding the best bond opportunities

Henderson Global Investors head of retail fixed income explains how he is managing his fund against the surprise current monetary policy divergence.

1 Comment Play Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Taxicab Tenner: Allianz Global Investors' AA-rated Simon Gergel

Our much anticpated new series is here! We hand a black cab driver a tenner and grill the manager of the 125-year Merchants trust until the meter runs out.    

Your Business: Cover Star Club

Profile: meet the man building Towry into an £11bn giant

Profile: meet the man building Towry into an £11bn giant

As a former engineer who worked on Hong Kong International Airport, Rob Devey is not afraid of taking on major projects

Wealth Manager on Twitter