Compliance Monitor
Penny shares risk control failures cost stockbroker £49,000
Wills & Co, a stockbroking firm, has been fined £49,000 for failing to communicate effectively the risk of investing in penny shares and for advice that was not clear, fair and not misleading. The FSA Final Notice records breaches of Principles 3 (adequate risk management) and 7 (clear, fair and not misleading communications).