FSA authorisation error lands Hornbuckle in trouble

11 August 2010 at 15:16

FSA authorisation error lands Hornbuckle in trouble The managing director of Hornbuckle Mitchell has landed in trouble with the Financial Services Authority (FSA) for not contacting the watchdog to check that an adviser had FSA authorisation.

David White has admitted that he did not contact the regulator to see whether the Cyprus-based Inter-Alliance Worldnet (IAW) had FSA authorisation to provide advice before accepting Sipp business.

According to Mr White, Hornbuckle's compliance department contacted IAW to assess whether it could provide advice on Sipp business under the Insurance Mediation Directive (IMD) and the firm confirmed.

However, Mr White stated that the company would not charge an administration fee to any clients who wished to transfer customers out of the Sipp investments which had been recommended by IAW.

It comes after the City watchdog launched an investigation into the Queen's bank, Coutts, to determine whether the sale of a savings product linked to insurance group AIG observed FSA compliance.

Posted by Tony Miller ADNFCR-3006-ID-800021303-ADNFCR

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