City regulator the Financial Services Authority (FSA) has fined two former directors of financial adviser network Alpha to Omega.

Andrew Ruff and Richard Lindley were fined £28,000 and £14,000, respectively, over compliance failures leading to the risk of customers receiving unsuitable investment advice.

Ruff, who has also been banned, and Lindley were fined because the were responsible for control and monitoring of sales by member firms.

Tracey McDermott, acting director of enforcement and financial crime at the FSA, said, 'Lindley and Ruff shared the ultimate responsibility for ensuring the financial advice provided by their network of advisers was suitable for their clients.

'They both failed in their responsibilities and this resulted in unsuitable advice being provided to some clients.'

She added, 'Those who oversee networks of appointed representatives need to ensure that they keep a close eye on the advice being given throughout their network, especially where the advice includes high risk products such as UCIS.

'If there are failings in the way customers are treated anywhere in the network, the principals will be held to account.'

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