Reuters: Regulatory News: UK financial watchdog fines Sesame 6 million pounds

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UK financial watchdog fines Sesame 6 million pounds Jun 5th 2013, 09:52 LONDON, June 5 | Wed Jun 5, 2013 5:52am EDT LONDON, June 5 (Reuters) - Britain's Financial Conduct Authority has fined investment firm Sesame six million pounds for failing to give its customers proper advice and having poor controls over its staff. The FCA said Sesame advised 426 customes to invest over 6.1 million pounds in Keydata life settlement products between July 2005 and June 2009, with the vast majority of sales flawed. Tracey McDermott, FCA director of enforcement, said weaknesses in Sesame's systems and controls showed there was an ongoing risk that unsuitable advice could be given by its appointed representatives. Sesame qualified for a 30 percent discount on its fine because it agreed to settle at an early stage in the case.

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