Queensferry IFA fined £60K

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AN independent financial adviser from Queensferry has been fined £60,000 for advising clients to invest in unsuitable products.

Patrick Francis O’Donnell, of P3 Wealth Management, was fined by the Financial Services Authority (FSA) after he advised clients to invest over £185,000 in non-mainstream investments which were “clearly unsuitable”.

Mr O’Donnell, whose office is based in Royal Elizabeth Yard, was also banned from performing regulated activities. The FSA also found Mr O’Donnell failed to comply with regulatory restrictions on the promotion of Unregulated Collective Investment Schemes (UCIS).

Under FSA rules, UCIS cannot be promoted to the general public in the UK and should only be marketed to certain categories of investors, such as sophisticated investors and high net worth individuals.

O’Donnell advised 57 of his customers to invest in UCIS, 14 of whom also invested in other non-mainstream investments.