Broker censured for self-cert failings

The regulator found the firm failed to make appropriate enquiries about customers' sources of income, expenditure, credit history and debt position so that it could properly assess the affordability of its recommendations. It also failed to demonstrate the plausibility of customers' declared income and expenditure. The offences took place between January 2006 and April 2008. The FSA has taken into account the fact the firm agreed to undertake a customer contact and remediation exercise. The FSA said it would have imposed a penalty of £20,000 but for the firm's financial position. "At ...