AXA Fined $2.85M For Poor Investment Advice In UK

Law360, New York (September 13, 2013, 12:52 PM EDT) -- The U.K.’s Financial Conduct Authority has fined AXA SA’s British wealth management unit £1.8 million ($2.85 million) for failing to give proper advice to a host of customers who invested £440 million with the firm, the agency said Friday.

The French insurer's AXA Wealth Services Ltd. division sold approximately 37,000 investment products to 26,000 retail customers, mostly older individuals with little investment experience who were put at risk of buying unsuitable investment products due to AXA’s poor guidance, the FCA said in a statement.

The regulator...
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