FSA fines wealth manager £412,000 over client failures

Savoy Investment Management's woes contributed to a £1.2m pre-tax loss in the first half of the year for parent company Ashcourt Rowan

A London-based wealth management firm has been fined £412,000 by the UK Financial Services Authority after the regulator found that client money had been exposed to unsuitable investments.

The regulator said that Savoy Investment Management, part of Aim-listed wealth management firm Ashcourt Rowan, had "failed to take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems".

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