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Broker vows to fight FSA ruling

Beleaguered brokerage Warwick Finance last week pledged to fight the Financial Services Authority’s decision to remove its permissions to carry out regulated activities.

The FSA moved against Aaron Nickols, proprietor of Warwick, over fears that the company had breached articles 1, 6 and 11 of its Principles for Business, and alleges advisers phoned clients claiming to be from HBOS and used high pressure sales tactics.

But Nickols says his firm had a business relationship with HBOS whereby it could say it was a partner of Halifax, and adds that the allegations stem from a disgruntled former employee.

Nickols says: “In many years of trading Warwick has had thousands of satisfied clients. We will fight these allegations and expect our name to be cleared.”

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