New advisers and ARs were not subject to adequate vetting before being appointed and were not adequately trained or monitored after appointment
The Financial Services Authority has fined Julian Harris £49,000 and banned him from performing the CF10 (compliance oversight) function and from acting as a compliance officer.
failed to:
•perform adequate due diligence on appointed representatives and advisors before appointing them;
•employ ARs who were fit and proper;
•put in place adequate training and oversight procedures for staff and maintain systems and controls at his firms; and
•to monitor their activities to ensure that they complied with regulatory requirements.
Question is how much was a an appointed representative and advisor paying Julian Harris and what did they get in return,poor publicity,client trust?
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