WiseMoney.com Ltd confirms that we are NOT connected in any way shape or form with the Financial Services Authority (FSA) fined money-wise.co.uk Moneywise IFA Limited.Yesterday the FSA posted on their website- FSA fines Moneywise IFA Limited for advice failings in relation to platforms. Firms that move to platform-based investment models need to ensure their advisers are properly trained.

The Financial Services Authority (FSA) has fined Moneywise IFA Limited (Moneywise) £19,600 for failing to have sufficiently robust compliance arrangements for the investment advice it gave customers using platforms and discretionary portfolios.

An investigation by the FSA found that Moneywise did not ensure its compliance arrangements evolved as the business grew. As such, the firm did not have robust arrangements for training advisers and ensuring suitability reports were clear, fair and not misleading.

Moneywise also recommended platform-based investment to 519 customers but failed to ensure its advisers explained their rationale clearly to investors. Furthermore, the firm didn’t ensure its advisers understood the reasons for making such a recommendation.

The FSA also found that Moneywise had not made it clear to customers that some of the underlying investments contained Unregulated Collective Investment Schemes (UCIS) and the associated risks that needed to be understood prior to investment.

The full story can be found on the FSA website at: http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/138.shtml

WiseMoney.com provide online quotes for financial services including loans, mortgages, insurances for homes, carstravel as well as currency converters for foreign exchange.

Whereas wise-money.co.uk seem to provide investment advice.