FSA bans IFA following precipice complaints

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The UK's Financial Services Authority (FSA) has banned Idris Nagaty from undertaking "any significant influence function" in any authorised firm until at least September 1, 2007. One of the reasons for the ban was that Nagaty, formerly a director of UK independent financial advisor Young Ridgway & Associates, had failed to ensure that sales of precipice bonds made by the firm's advisers were sufficiently scrutinised.

The firm is currently in liquidation and its principal activity was the sale of

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