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BRIEF-UK's financial regulator imposes recruitment ban on the Financial Group
July 23, 2014 / 9:52 AM / 3 years ago

BRIEF-UK's financial regulator imposes recruitment ban on the Financial Group

July 23 (Reuters) - Financial Conduct Authority (FCA):

* FCA imposes recruitment ban on the Financial Group for failing to control its appointed representatives

* Ban is intended to deter firms and other similar network firms in market from committing similar breaches

* Firms failed to ensure ARS and individual advisers were adequately supervised & controlled to minimise risk of mis-selling and provision of unsuitable advice to consumers

* Has used its suspension power for first time, banning two of Financial Group’s subsidiaries, Financial Ltd, Investments Ltd, from recruiting new appointed representatives and individual advisers for four and a half months

* Financial group agreed to settle case at an early stage of investigation and therefore qualified for a 30 pct discount

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