Wealth manager Ashcourt Rowan has agreed to a fine of £412,000 from the FSA for a number of legacy issues relating to investment suitability in its Savoy business.
The group, led by Jonathan Polin (pictured) said although this is a significant fine, it chose to accept the FSA's findings and agree an early settlement. Chairman Kenneth West said: "In the past our processes and systems were not as robust as they should have been and this has been a key focus of the Change Management Programme over the past year. "It is absolutely right that we should resolve legacy issues like these ones whilst aiming to build best in class administration and compliance systems for the future." The fine contributed to an overall loss before tax of £1.2m for the ...
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