Tribunal upholds FCA fine on firm for mis-selling complex investments - .PDF file.
The Tribunal has upheld the FCA’s decision to fine Westwood Independent Financial Planners £100,000 for communications and suitability failings in relation to geared traded endowment policies (GTEPs). Westwood is already in sequestration. The Tribunal upheld the FCA’s findings that Westwood breached two of its principles for business and several FCA rules in relation to its sale of GTEPs, which are complex, long-term financial products. Westwood advised investors to remortgage their homes to raise capital to invest in GTEPs…
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