UK watchdog fines AXA Wealth Services 1.8 million pounds
LONDON, Sept 13
LONDON, Sept 13 (Reuters) - Britain's Financial Conduct Authority has fined AXA Wealth Services 1.8 million pounds ($2.85 million)for failing to ensure it gave suitable investment advice to customers.
"The failings put a significant number of customers at risk of buying unsuitable products. Many of AXA's shortcomings only came to light during a review by the FCA," the watchdog said in a statement.
Tracey McDermott, FCA director of enforcement, said AXA fell short of its responsibilities to its customers, many of whom were elderly, retired and financially inexperienced.
Between 15 September 2010 and 30 April 2012 AXA sold approximately 37,000 investment products to 26,000 retail customers through AXA's advisers based in the branches of Clydesdale Bank, Yorkshire Bank and the West Bromwich Building Society, the FCA said.
The customers invested 440 million pounds with AXA.
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