London (shakespearefinance) 15 January, 2008: The Financial Services Authority (FSA) that monitors the selling practices of small firms has cracked down on a firm selling shares. The firm - Square Mile Securities - was fined £250,000 after the FSA reviewed its transactions that took place between March and May 2006.

The FSA found that advisers ‘frequently used unacceptable sales tactics’ and accordingly fined the firm. The FSA also said that the firm had encouraged customers, including pensioners, to buy shares they did not want or could not afford. Last year, the FSA carried out four reviews of mortgage brokers, threatening strong action against dishonest mortgage brokers. The FSA was concerned over many serious failings on part of the brokers who were selling self-certification mortgages.

In a statement, the Square Mile Securities sought to reassure the FSA and its customers. The statement read: “we are doing everything in our power, under the guidance of the regulatory authorities, to ensure that we achieve a significant improvement in customer service levels”. The Square Mile Securities accepted the FSA’s findings and settled the case. Had it not settled the case, Square Mile may have been fined £1.5m.

FSA's director of enforcement, Margaret Cole, said: “High pressured sales practices are wholly unacceptable. Firms that use such sales tactics undermine the regulatory requirement to treat customers fairly. A firm's customers are entitled to rely on it to provide them with advice and information that is clear, accurate and not misleading.”

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