The FSA's decision to fine Deloitte & Touche Wealth Management (DTWM) £750,000 for serious compliance failings will affect brokers applying for FSA authorisation, according to a consultant.
The fine related to DTWM's investment advisory services between 1997 and 2001.
DTWM was criticised for failings in its training and competence programme, and because it asked the regulator to grant approved person status to an individual who had proposed a course of conduct which might have misled the regulator.
Joe Egerton, principal adviser on FSA regulation and ethics to D3 Group, said: "The FSA has sent the clearest possible signal - by a fine on the regulated arm of a major accountant - that it will not tolerate failure to implement training and competence programmes."
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