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FSA’s 28k fine for TBO Investments

The FSA has fined TBO Investments Limited 28,000 for failing to clearly document the explanations it gave to clients concerning the risks of their transactions.

Between December 2001 and October 2007, TBO failed to obtain and retain sufficient information about customers’ personal and financial circumstances and objectives.

TBO also failed to issue suitability letters that consist- ently explained why the relevant transaction was suitable for the customer .

FSA head of retail enforcement Jonathan Phelan says: “Obtaining and recording information from customers to ensure the advice given is suitable is an important part of treating them fairly, particularly in areas such as long-term savings and pensions, where the wrong decisions could lead to hardship in retirement.”


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