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Regulator fines DBS over compliance breaches

DBS has been slapped with a £40,000 fine by the PIA and ordered to pay £20,000 costs because of poor compliance procedures.

The network failed to adequately check the compliance of a member who gave bad advice in 1995. The member is no longer with the network.

The regulator says the network fully co-operated with its investigation into the matter.

The 1,800-member network says it has compensated all investors who suffered a loss.

DBS says it has strengthened its compliance team to over 100 from about 20 since 1995 and has tightened compliance procedure to avoid repetitions of the incident.


FSA loses head of regulatory investigations to private sector

The Financial Services Authority has lost its head of regulatory investigations Fiona Fry to the private sector.KPMG has appointed Fiona Fry as a partner in its financial sector regulatory practice.Fry, currently heads a 70-strong team at the FSA. She has been with the FSA and prior to that Imro for over eight years.Fry will take […]

IFAs missing out on ISA sales

IFAs are losing out to tied agents in the Isa sales stakes, according to latest figures from the Association of Unit Trusts and Investment Funds.The figures show that tied sales forces were responsible for 68 per cent of Isas sales recorded in April, with IFAs languishing on just 15.5 per cent.Tied agents share of the […]


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