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Rogue financial adviser fined £60k and banned after pushing low-paid clients into high-risk investments

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Financial adviser Patrick Francis O’Donnell of P3 Wealth Management has been fined and banned after telling a low-paid mum and a forklift driver to put money into unregulated high-risk investments. The shocking cases of mis-selling were revealed by the Financial Services Authority as it slapped a £60,000 penalty on O’Donnell, who ran his financial advice firm alone in West Lothian, Scotland. O’Donnell advised a 39-year-old mother on £10,400 a year supporting a dependent son to invest 93 per cent of her pension in Unregulated Collective Investment Schemes, or UCIS.

 

Read more: http://www.dailymail.co.uk/money/news/article-2152117/Financial-adviser-pushing-high-risk-investments-fined-60k-banned.html#ixzz1wPSzKmWd


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