Network Financial has been banned from recruiting any new advisers for four months - the first time the regulator has used this power - as punishment for "serious" failings in the running of the business. So what went wrong?
Financial is an adviser network based in Cheltenham, Gloucestershire, responsible for 299 appointed representatives (ARs) and 342 registered individuals (RIs) advising customers on pensions, investments including unregulated collective investment schemes, mortgages and general insurance and protection products. As a result of Financial's failures between August 2008 and April 2013, more than 60,000 customers were exposed to the real risk that its ARs and RIs would make recommendations, including in relation to high risk products, which were unsuitable and would result in loss. Ongoing...
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