Regulator fines IFA £20k for Keydata advice

Laura Miller
clock

The Financial Conduct Authority (FCA) has fined independent advice firm John Joseph Financial Services (JJFS) £20,000 for failings relating to the sale of Keydata products.

JJFS is an independent financial adviser firm which recommended Keydata products to 29 customers in two separate periods between August 2005 and June 2006 and between November 2008 and December 2008. The FCA found JJFS did not adequately assess the needs of customers and their appetite for risk, and did not disclose adequately all material risks of the Keydata products to customers. This included failing to properly recognise the risks of a lack of diversification of investments in a customer's portfolio, not properly disclosing these risks to customers. JJFS also did not take suff...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Investment

FCA launches consultation on private stock market

FCA launches consultation on private stock market

Move follows Mansion House commitment

Linus Uhlig
clock 17 December 2024 • 3 min read
Partner Insight: Is FOMO overruling investment basics?

Partner Insight: Is FOMO overruling investment basics?

In 2020 we introduced our bubbles chart showing how concentrated investors were in a particular theme. Four years on we look at what, if anything, has changed, and what it means for investors going forward.

Orbis Investments
clock 16 December 2024 • 3 min read
Special situations: How to spot a good management team

Special situations: How to spot a good management team

'We prefer management teams that are considered rather than overly promotional'

Henry Flockhart and Andy Gray
clock 10 December 2024 • 5 min read