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Scotts fined by FSA

The FSA has fined Scotts Private Client Services Ltd £25,000 for serious failings which led to the firm introducing US $9.7m (£6.7m) of investors&#39 funds into an authorised and apparently unlawful investment scheme.

Between December 2001 and October 2002 Scotts failed to carry out adequate due diligence and introduced 34 investors to an investment scheme operated by Nottingham accountants Dobb White & Co, which has subsequently been subject to separate insolvency action by the FSA.

Scotts also failed to have proper systems and controls in place; to pay due regard to investors&#39 information needs; and to ensure the suitability of its advice.

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