The Financial Regulator has fined a Roscommon financial provider €5,000 for breaching regulatory requirements on the sale of a bond.
The regulator said it had entered into a settlement agreement with Jim Mannion & Co (Insurances) Ltd, Strokestown, Co Roscommon, over its failure to comply with provisions of the Consumer Protection Code and section 30 of the Investment Intermediaries Act 1995.
The company failed to properly inform one customer about the investment risks and guarantee limitations associated with the Friends First ISTC Creative Bond, the regulator said. Additional breaches, regarding the sale of other products, were found including a failure to record customers' information, failure to provide a customer with a copy of the firm's terms of business before providing services, and failure to issue statements of suitability to some customers required by the Consumer Protection Code.
The regulator said it was satisfied that there was no financial loss to customers as a result of the firm's failure to issue section 30 receipts. The company said it has adopted new procedures to prevent further breaches, and had fully refunded the customer who had invested in the ISTC bond.
