Network fined £49k for poor management of advisers

Julian Harris, the sole proprietor of Julian Harris Financial Consultants and the sole shareholder of Julian Harris Mortgages Limited, both of which are networks, has been fined £49,000. The FSA has also banned Harris from performing the compliance oversight function CF10 and from acting as a compliance officer. The FSA has taken this action because between 31 October 2004 and 22 July 2010 Harris, who was responsible for the firms, failed to perform adequate due diligence on appointed representatives (AR) and advisors before appointing them or employ ARs who were fit and proper. He...