FSA bans David Aaron


The UK Financial Services Authority (FSA) has banned David M Aaron (Personal Financial Planners) from operating for the widespread mis-selling of precipice bonds to nearly 8,000 customers. This is the first time the FSA has banned a company for mis-selling.

The ban relates to the sale of precipice bonds between January 1998 and June 2003. These bonds were high-income structures that exposed investors to geared losses if stock markets fell.

The FSA found that the company issued advertisements and

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