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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.”

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