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FSA fines IFA firm £35,000

The FSA has fined PMSG Insurance Services Ltd £35,000 for failing to ensure advice given to customers was suitable and for not organising its business responsibly.

PMSG failed to verify information provided by customers which was inconsistent with information previously provided and also failed to retain sufficient records of information about its customers to prove the suitability of advice given.

The FSA has also withdrawn its approval for the firm’s compliance officer, Irene Hall, as it found she lacked the competence and capability to ensure the firm complied with FSA regulations aimed at ensuring customers are treated fairly.

FSA head of retail enforcement Jonathan Phelan says: “It is unacceptable that PMSG exposed at least 620 customers to the risk of being recommended mortgages that they could not afford or did not need. All firms must gather sufficient information from their customers about their needs and must organise and control their business to ensure the advice they give is suitable and customers are treated fairly.”

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