The Financial Conduct Authority, which regulates the City’s financial sector, was criticised in the courts over the case TOLGA AKMEN/AFP/GETTY IMAGESAn experienced investment adviser has been fined and banned from being a company director after giving advice that may have been biased. Angela Burns was chairwoman of the investment committees of two mutual societies, which sought her expert advice about which investment manager to pick. She talked to them about Vanguard Asset Management, the large American operation that had just opened offices in Britain. At the same time, she was seeking work with Vanguard, using her non-executive director positions at the mutuals as a selling point, according to the Financial Conduct Authority. Ms Burns has been penalised by the City watchdog for not acting with integrity towards the mutual societies, which were Teachers Provident Society and Marine and General Life Assurance Society.

Source: The Times December 14, 2018 17:03 UTC