The Financial Services Authority (FSA) has fined Peterborough-based Rockingham Independent £35,000 and imposed partial bans on its directors and an adviser for exposing retirees to unsuitable advice.
Directors Stephen Hunt and Jonathan Edwards and adviser Gary Forster have been banned from selling complicated investments. The FSA found a number of failures at the firm resulting in 426 customers near or at retirement age being potentially exposed to the risk of receiving unsuitable investment advice. A year ago, Rockingham Retirement, which was registered with the FSA as Rockingham Independent, was ordered to cease all investment advising activities by the regulator. In total, 39 investors were advised to invest in unregulated collective investment schemes (UCIS), after the firm...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
