Director of firm fined for platform advice was Ascentric co-founder
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One of the directors of Moneywise IFA, the adviser firm fined £19,600 by the FSA over its platform advice, was a co-founder of the Ascentric platform.
The FSA fine was for failings relating to the investment advice it gave to clients using platforms and discretionary portfolios.
Malcolm Coury, a non-executive director of Moneywise IFA set up Ascentric with Clive Bootham and Michael Fordham in 2004.
The FSA’s notice on the fine it has handed out to Moneywise IFA does not give the names of individual directors, however it says: “Moneywise failed to demonstrate to the FSA’s satisfaction, or to its external compliance consultant, that it maintained and reviewed a formal conflict of interest register.
It adds: “A director of Moneywise was also a non-executive director of the wrap platform from 6 April 2004 until 24 February 2010.
“This platform was recommended by Moneywise to its customers throughout the relevant period. The FSA found Moneywise had taken appropriate steps to disclose this conflict of interest and to make customers aware of the connection, but no evidence that the conflict was being managed and reviewed by the compliance function or that the compliance officer at the time had sufficient seniority in the business to manage such potential conflicts.”
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Readers' comments (1)
A N Mouse | 6 Sep 2010 2:00 pm
So there was nothing wrong with the advice and the information was disclosed to the clients and they were happy about it and clients have not been disadvantaged. So you get fined for not having a folder with it in it. What is the world coming to?
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