FSA fines Yorkshire IFA £31,500

A Yorkshire IFA, Blake Independent Financial Services, has been fined £31,500 by the FSA. The Ba...

A Yorkshire IFA, Blake Independent Financial Services, has been fined £31,500 by the FSA. The Barnsley-based firm was fined for failing to maintain adequate capital and for providing misleading financial information to the FSA. Jonathan Phelan, head of retail enforcement at the FSA, said there were serious failings resulting in the firm being authorised on the basis of subordinated loans that did not exist. “It was in breach of its capital resources requirement for more than three years,” he added. “And when requested to provide copies of loan agreements BIFS submitted misleading do...