Firm fined £100k for unsuitable UCIS advice

A firm has been fined £97,600 by the Financial Services Authority (FSA) for mis-selling unregulated collective investment schemes (UCIS), some of which have since wound up resulting in potential investor losses.

Derbyshire-based Topps Rogers Financial Management, which is in liquidation, has also had its permissions cancelled. Meanwhile, Martin Rigney, the only adviser who performed significant influence functions at the firm, has been fined £117,330 and banned from carrying out regulated activities. Rigney has referred the matter to a Tribunal. In its final notice for the firm, the FSA detailed how Topps Rogers advised 94 customers to invest more than £12m in UCIS, either directly with providers or through a SIPP or wrap platform. It also promoted the products to the customers. Topps Roge...