Moore Stephens fined by English ICA for breaching regulations
Moore Stephens has agreed to pay a regulatory penalty of £10,000 meted out by the English ICA financial services authorisation committee for investment business regulations.
The committee, making the decision in accordance with its powers in the Investment Business Regulations and Guidance (July 1997), said Moore Stephens had ‘failed to correct two breaches of the regulations and correct other matters in respect of written undertakings given to the Institute’.
Commenting on the decision, a spokesman for the firm said: ‘The penalty was for breaches of technical regulations rather than poor advice.’