Summary
A small independent financial adviser in Wiltshire with some 260 clients has been fined pounds 122,500 for switching its clients' investments from one fund to another without being authorised to act as a discretionary portfolio manager.
The Financial Services Authority said Charterhouse Consulting Wealth Management often emailed its clients before 6.30am proposing an investment switch, requiring a response by 8am. When clients failed to reply in time - few did - their silence was taken as approval.See the full content of this document
Extract
Financial Adviser Fined
Charterhouse also failed to record enough...
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