A Kent financial advice firm has been fined £14,000 by the FSA for failing to demonstrate that its advice on investment products was suitable. The most serious failings related to Henry Neil Ltd’s advice that customers give up segments of existing offshore investment bonds and reinvest the proceeds in new bonds, putting 13 customers at risk of buying unsuitable investment bonds

Margaret Cole, FSA director of enforcement, says: “This fine puts investment advisory firms on clear notice that they must have the right arrangements in place to ensure that suitable advice is given and recorded. When making an investment recommendation