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 a total of 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. JJFS also did not take sufficient care to establish and maintain effective systems and controls for compliance with the regulatory system and did not create and retain adequate records of matter...
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