FSA fines two firms for failures in sales of geared traded endowment policies
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The FSA fined Knowlden Titlow Financial Services Ltd £35,000 and deregulated Derrick Hales and Kathleen Hales of Derrick Hales Financial Planning, fining the firm £10,500.
Both firms have agreed to stop selling geared traded endowment policies and will contact all customers sold potentially unsuitable policies, offering redress where appropriate.
FSA head of retail enforcement Jonathan Phelan says: “These two cases are the first to arise from a recent programme of work we have done into the geared traded endowment policy market, and we will be taking further appropriate action to deal with the examples of bad practice that we uncovered in other firms.”
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