FSA clamps down on abusive sales of penny shares

The Financial Services Authority (FSA) has announced two enforcement actions in as many days for the abusive selling of ‘penny share’ stocks to consumers. On Thursday, the UK regulator said it was fining Glasgow-based stockbroker Direct Sharedeal £101,500 for allowing an appointed representative firm First Colonial Investments to use misleading sales pitches on consumer investors. And on Wednesday, the City watchdog censured – but did not fine – Wills & Co, a London-based stockbroker, for poor

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