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FSA fines Scotts Private Client Services for serious failings

Scotts Private Client Services has been fined £25,000 by the FSA for serious failings. Scotts introduced £6.7m of investors&#39 funds into an unauthorised and apparently unlawful investment scheme operated by Nottingham accountants Dobb White & Co which has subsequently been subject to separate insolvency action by the FSA.

The FSA says it would have imposed a much more substantial financial penalty were it not for Scotts&#39 very limited financial resources and the desire of the FSA that those resources be used to assist in obtaining redress for investors.

Director of enforcement Andrew Proctor says: “We warn investors repeatedly of the dangers of investing with unauthorised firms promising high returns at low risk. Schemes that sound too good to be true usually are. It is a sad irony that in this case it should be Scotts, an authorised firm, that let down investors by introducing their money to an unauthorised firm withough carrying out adequate checks.”


ABI says rise not generous enough

The ABI says the Government has not been generous enough in raising the price cap to 1.5 per cent though it describes the move as a step in the right direction. ABI director general Mary Francis says: “The decision is a step in the right direction. The Government has recognised that the one per cent […]

Zurich bond offers double scoop

Zurich Financial Services is offering investors the chance to invest in a capital-protected bond that is linked to the FTSE 100 and Halifax House Price indices for five years and six months. The select guaranteed account is available to those with between £2,500 and £250,000. Investors decide whether they want their investment linked to the […]

Pink offers free membership until M-day

Pink Home Loans is dropping charges for members until October 31 when mortgage regulation commences. Intermediaries joining Pink&#39s appointed representative network can do so under their own MCCB number and will only have to pay an application fee. Pink IT and compliance director Elliott Stoneham says: “The only cost will be the initial application fee, […]

Four new lenders join Mortgage 2000 mortgage club

The Mortgage 2000 mortgage club announced yesterday that four new lenders have joined its now 50 strong lender panel. The four new lenders are Scottish Widows Bank, Manchester Building Society, Norwich and Peterborough Building Society and Lloyds TSB Scotland. m2-mortgage club national sales manager Allan Collinson believes that the five new lenders will bring with […]


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