Derbyshire-based financial advice firm, Sett Valley Insurance has incurred the wrath of the FSA by receiving fines totaling £49,000 for the firm and its two partners for sales and advice processes failures.
The Sett Valley failings at were initially identified during a TCF focused FSA visit, as part of its assessment programme for small firms.
The subsequent investigation identified a number of problems with the firm’s sales and advice processes, including a failure to record sufficient information about customers’ personal and financial circumstances to ensure the suitability of any advice they gave, it was also considered a failure in the way the firm communicated with customers in a way that was clear, fair and not misleading.
The FSA found both Sett Valley partners Leslie Lugsden and John Hargreaves were responsible for the failings and were each fined £10,500 for breaching the FSA’s rules. Sett Valley was fined £28,000 for the breaches.
